Datavault AI Licenses Patents Covering Digital Ledger-Enabled Smart Contracts for Commercial Prescription Drug Distribution Industry to Wellgistics Health
DataVault AI, leading the way in AI data experience, valuation, and monetization, announced it has exclusively licensed its proprietary smart contracts intellectual property to Wellgistics Health, Inc. for integration into its PharmacyChain™ smart contract and EinsteinRx initiatives.
Tampa, Florida-based Wellgistics Health is a physical and technology pharmacy-enabling health IT company that specializes in optimizing the delivery of medications from manufacturers to patients. The objective of its PharmacyChain is to fully digitize the tracking of prescription drugs from script to fulfillment, inclusive of all electronic medical records, diagnostic, and health information needed to make healthcare decisions. This is designed to ensure the right drug gets to the right patient at the right time, with the right recommendations for safe and effective use.
With the completion of Wellgistics Health’s EinsteinRx artificial intelligence-enabled hub that integrates all of its IT infrastructure with its physical infrastructure, which includes over 6,500 independent pharmacies nationwide and its own in-house pharmacy (physical/online), Wellgistics is poised to be able to integrate PharmacyChain smart contracts to close the loop, which otherwise forces drug manufacturers to pay significant rebates to pharmacy benefits managers (PBMs) associated with national insurance companies.
For years, those rebates have been commonly cited by industry experts as a primary reason U.S. prescription drug prices are among the highest in the world. By enabling payers with greater visibility, transparency, and efficiency, Wellgistics intends to revolutionize the pharmaceutical industry’s distribution and expects to attract employers, HMOs, and other payers to fulfill prescriptions through its pharmacy network.
“Licensing DataVault AI’s proprietary smart contracts intellectual property enables Wellgistics Health to integrate its EinsteinRx artificial intelligence hub platform into Web 3.0 systems to disrupt and revolutionize the $634 billion US prescription drug industry,” said Nathaniel Bradley, CEO of DataVault AI. “Web 3.0 smart contracts are the future of secure data transfer that allow for the automation of key functions to more quickly close loops that slow down the conduct of the business in the $4.9 trillion healthcare industry2. We’re thrilled about the prospect of significantly improving the cost and efficiency of prescription filling, reducing costs for payers while helping lower retail drug prices, improving patient outcomes, and providing better data to the manufacturer. Wellgistics’ PharmacyChain is a better way to achieve these important goals for the various stakeholders in the prescription drug and healthcare ecosystems.”
“Now that we have completed EinsteinRx, we are poised to put it on the PharmacyChain™ digitally enabled smart contract platform and intend to become the U.S.’s leading smart contract-enabled pharmaceutical distribution platform,” said Prashant Patel, RPh, president and interim CEO of Wellgistics. “With defensible IP now backing our go-to-market strategy, we will accelerate our efforts to integrate EinsteinRx into our customers’ workflow. That strategy includes implementing the various steps to ensure the creation of an optimal digital protocol that we expect to become the standard in the commercial prescription drug distribution industry.”
“By minimizing or eliminating PBM rebates for pharmacies and manufacturers while reducing administrative burden for payers, Wellgistics intends to disrupt and revolutionize the path through which prescription drugs are dispensed in the United States,” Patel added. “Further, given our CTO Srini Kalla’s background at OptumRX, we now possess all the ingredients necessary to develop new ways to reduce patients’ out-of-pocket costs by empowering them with the ability to monetize their data to manufacturers or other stakeholders within the healthcare system.”
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