The FedEx Institute of Technology has entered into a partnership agreement with pharmacy services company Good Shepherd Pharmacy to build a new blockchain-based infrastructure that will enable cancer patients get medications. The news was reported by Commercial Appeal. The ability of blockchain or Distributed Ledger Technology to distribute data securely is anticipated to assist Memphis-based Good Shepherd’s plan to recover unused medications from cancer patients and offer them to those who cannot afford costly medicines.
The FedEx Institute of Technology fosters interdisciplinary research in blockchain and other emerging technologies that is carried out using the research facilities of the University of Memphis.
Commenting on the initiative, Good Shepherd Pharmacy’s CEO Phil Baker, said
“In Tennessee alone, over $10 million worth of perfectly good prescription medication gets flushed down the toilet every year. Blockchain is the solution for that problem. The REMEDI project (REclaiming MEDicine) will divert valuable medication into the hands of patients who would not otherwise use it.”
FedEx Institute is planning to conduct an event with Blockchain 901, which has expertise in expanding the workforce of Memphis technology. Blockchain enthusiasts and professionals are expected to participated in the event and discuss about Good Shepherd’s blockchain resource development program. Commenting on the initiative, Cody Behles, FedEx Institute’s Innovation and Research Support’s assistant director said
“One of the most valuable resources universities can provide to the innovation ecosystem is the space to explore new ideas and opportunities in an unrestrained environment.”
Behles further stated
“Memphis is attracting next-wave startups that recognize that setting up shop in traditional renovation markets like San Francisco is not always the best business decision. We are here to cultivate collaboration through aligned partnerships and amplification or opportunity.”
Notably, in February, FedEx joined the Blockchain in Transport Alliance, a group focused on using blockchain technology to improve logistics management. Prominent members of the association include rail operator BNSF, GE Transportation, and JD Logistics.