DataVault AI licenses smart contract patents to Wellgistics Health

DataVault AI Inc. (NASDAQ: DVLT) announced it has exclusively licensed its smart contracts intellectual property to Wellgistics Health Inc. (NASDAQ: WGRX) for integration into Wellgistics' PharmacyChain and EinsteinRx initiatives.

The licensing agreement provides Wellgistics with access to digital ledger-enabled smart contract technology for commercial prescription drug distribution. Wellgistics operates a network of over 6,500 independent pharmacies nationwide and maintains its own in-house pharmacy operations.

Wellgistics plans to integrate the licensed technology with its EinsteinRx artificial intelligence hub platform. The company's PharmacyChain system is designed to digitize prescription drug tracking from initial prescription to fulfillment, including electronic medical records and health information.

"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.

Prashant Patel, president and interim CEO of Wellgistics, stated the company intends to "become the U.S.'s leading smart contract-enabled pharmaceutical distribution platform" with the addition of the licensed intellectual property.

The arrangement aims to address current prescription drug distribution processes, including rebate systems between drug manufacturers and pharmacy benefits managers associated with national insurance companies. Wellgistics expects the technology integration to provide greater visibility and efficiency for payers in the prescription fulfillment process.

The information is based on a press release statement from DataVault AI.

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