Datavault AI Inc. (NASDAQ: DVLT) has exclusively licensed its smart contract intellectual property to Wellgistics Health Inc. (NASDAQ: WGRX) for use in pharmaceutical distribution applications, according to a company statement.
The licensing agreement allows Tampa-based Wellgistics to integrate the patents into its PharmacyChain and EinsteinRx platforms, which aim to digitize prescription drug tracking from prescription to fulfillment. Wellgistics operates a network of over 6,500 independent pharmacies nationwide.
The companies stated the technology is designed to automate prescription fulfillment processes for manufacturers, pharmacies, physicians, patients, and insurance payers. Wellgistics plans to use the smart contract technology to create what it calls a digital protocol for commercial prescription drug distribution.
“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,” said Nathaniel Bradley, CEO of DataVault AI.
Prashant Patel, president and interim CEO of Wellgistics, said the company completed its EinsteinRx platform and plans to implement it on the PharmacyChain smart contract system. The company aims to reduce pharmacy benefit manager rebates and administrative costs in prescription drug distribution.
Wellgistics specializes in optimizing medication delivery from manufacturers to patients through its integrated platform that connects pharmacies and manufacturers. The company provides wholesale distribution, digital prescription routing, and direct-to-patient delivery services.
Philadelphia-based Datavault AI develops cloud-based platforms for data experiences and monetization, with divisions focused on acoustic science and data science technologies.
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