An electronically and remotely controlled pill (500) or medicament delivery system is provided. The pill (500) includes a housing (102); a medicament reservoir (104) for storing a medicament; an electronically controlled release valve or hatch (106) for dispensing one or more medicaments stored in the medicament reservoir (104) while traversing the gastrointestinal tract; control and timing circuitry (108) for opening and closing the valve (106); and a battery (109). The control and timing circuitry (108) opens an closes the valve (106) throughout a dispensing time period in accordance with a preset dispensing timing pattern which is programmed within the control and timing circuitry (108). RF communication circuitry receives control signals for remotely overriding the preset dispensing timing pattern, reprogramming the control and timing circuitry (108) or terminating the dispensing of the medicament within the body. The pill (500) includes an RFID tag (508) for tracking, identification, inventory and other purposes.