Combatting the US $220 billion counterfeit medicine problem with a dose of blockchain.
East Norriton, PA -- (ReleaseWire) -- 08/17/2017 --BlockRx has announced its partnership with Intel®, one of the world's largest technology companies, and YourEncore, the industry's leading provider of proven expertise in the life sciences market, amidst the launch of its groundbreaking BlockRx Token ICO fundraising campaign, open to the public in September 2017. The BlockRx Token is one of the critical branches of the three-pronged BlockRx Pharma Ecosystem solution alongside iSolve's ADLT™ platform and the Sawtooth Blockchain by Intel.
Today, the global pharma market is approximately a US$800 billion industry, with projected growth to $1.12 trillion by 2022 and it has a serious disease impacting patient safety. The counterfeit medicine business, currently estimated between US $75-200 billion annually by the World Customs Organization, is a fast-growing, global epidemic with significant human and financial costs:
- World Health Organization (WHO) estimates 10% to 30% of medicines distributed are counterfeit
- More than 100,000 lives are lost annually
- EU is predicting 90,000 direct and indirect job losses
"The urgency for a cutting-edge solution to combat this epidemic is more prevalent than at any other time; this is why the pharmaceutical industry needs the BlockRx Pharma Ecosystem," explains Gordon Tampol, CEO of iSolve. "This ecosystem is the underlying platform for managing security, verification, distribution and decentralization across the pharmaceutical supply chain."
The BlockRx Pharma Ecosystem is a robust solution incorporating Sawtooth by Intel, a high-performance enterprise blockchain; the BlockRx Token for blockchain entries and data exchange; and iSolve's Advanced Digital Ledger Technology (ADLT) to integrate legacy systems with the blockchain.
The BlockRx Token will be the primary means of rewarding trade partners and consumers for utilizing the blockchain as a vehicle for managing data entries pertaining to drug development and logistics. The BlockRx Token will be used to provide valuable information to other trusted partners through the BlockRx Pharma Ecosystem and can also serve as a medium of exchange for the acquisition of intellectual property (IP), services, and data exchange. See the BlockRx white paper for complete details.
BlockRx will make available 120 million digital tokens called the BlockRx Tokens (BRx).
BlockRx ICO and Token Pre-sale
The BlockRx Initial Coin Offering (ICO) and token pre-sale stage are scheduled to run for two months starting August 2017. During this time BlockRx invites investors to become better acquainted with the company before they choose to support the project. The ICO period is set for a limited time.
Visit http://www.BlockRx.com for details.
BlockRx™ is a series of initiatives by iSolve which leverages the blockchain and iSolve's Advanced Digital Ledger Technology™ (ADLT™). The platform is a comprehensive solution to fully integrate Life Science Researchers, BioPharma Companies, Medical Device Manufacturers, Retailers and Healthcare Providers to improve Patient Outcomes.
For more information visit http://www.BlockRx.com, follow @BlockRxProject, or join us on http://www.BlockRx.slack.com.
iSolve is dedicated to supporting organizations throughout the drug development lifecycle. By developing cutting edge blockchain solutions that help align company initiatives with strategic partners, we will help organizations achieve their corporate goals and expand their enterprise.
For more information, visit http://www.isolve.io.
Please submit all press inquiries and interview requests to press@blockRx.com.