Martins pharmacy is expected to launch its own blockchain in the coming days, according to a new report.
The news comes as a bit of a surprise to investors, with the company previously saying that the blockchain is “in its early stages”.
Martins Pharmacies is the only Australian-based pharmacy operator to be listed on the leading Australian stock exchange, with its share price up more than 25% over the past year.
This comes after it raised more than $8 million in Series A funding from an undisclosed investor earlier this year.
Martins is aiming to make blockchain technology available to all of its pharmacies, and its own software will allow the company to track the pharmacy’s records.
“It’s a massive step forward for pharmacy care, but I’m not sure what the long-term ramifications are going to be,” Martins CEO Michael Kelly said.
“But I think it’s going to open up a lot of new opportunities for us.
I think a lot more people will be able to benefit from this technology.”
Martins plans to offer blockchain to its existing pharmacists and pharmacy clients.
“The real potential for this technology is really going to come in when it’s rolled out across the whole pharmacy and to other pharmacies,” Kelly said in a recent interview with CoinDesk.
“If you think about the pharmacy-to-retail trade as an ecosystem, this is one of the very first steps to making it more accessible to everybody.”
The company’s first batch of drugs will be rolled out to all pharmacy clients by August 1, and the company plans to make the system available to other healthcare organisations.
Martens CEO said the new technology will enable pharmacists to keep a more complete record of what they’ve done, and will enable pharmacy managers to better track the progress of their pharmacy clients and customers.
“With the new digital medicine platform, it will be possible to share information on the status of the pharmacy, with a much greater degree of privacy and accountability,” Kelly explained.
“This will enable us to more accurately track the performance of our patients and to keep up to date with their care.”
We’re also looking forward to the opportunity to work with our pharmacists partners to bring these new technologies to other pharmaceutical companies, to help them become more efficient, more transparent and more accountable.
“In addition to providing better patient care, the blockchain will also help make the pharmacy more agile, and allow pharmacists who have been unable to maintain high-quality clinical data to quickly improve their practices.
Marts Pharmacy keeper is expected in the near future to provide data to the pharmacy that can help improve pharmacy performance.