DataVault AI and Wellgistics Health plan blockchain prescription platform

DataVault AI Inc. (NASDAQ: DVLT) and Wellgistics Health Inc. (NASDAQ: WGRX) announced they have entered into a non-binding letter of intent to implement blockchain-enabled smart contracts for prescription drug tracking.

The companies plan to integrate the PharmacyChain system into Wellgistics' existing infrastructure to digitize prescription drug tracking from initial prescription to patient fulfillment. The platform aims to ensure prescription accuracy and timing while providing safety recommendations.

DataVault AI specializes in artificial intelligence data monetization and blockchain technology. Wellgistics operates pharmaceutical distribution services and connects over 6,500 pharmacies with more than 200 manufacturers through its digital platform.

The companies contemplate a revenue-sharing arrangement based on fees collected from pharmacies using the PharmacyChain platform. Wellgistics recently introduced HubRx AI, an artificial intelligence system designed to optimize pharmacy operations and reduce costs.

"The $639 billion U.S. prescription drug market is entering a new era of digital transformation, and our PharmacyChain platform represents a scalable opportunity to drive measurable value for every stakeholder," said Nathaniel Bradley, CEO of DataVault AI, according to the press release.

Prashant Patel, President and Interim CEO of Wellgistics, stated that blockchain-enabled smart contracts represent "the next logical step to help pharmacists ensure that patients get their medicines on time and on budget."

The companies noted that any implementation and revenue-sharing arrangement requires negotiation and execution of definitive agreements. No assurance exists that final agreements will be reached or that revenues will be generated from the collaboration.

Information is based on a company press release statement.

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