Leading US Drug Manufacturers Partner In A New Blockchain Project

Four leading US drug manufacturers and pharmaceutical companies have recently joined in a project that would see them build a blockchain network for the health and pharmaceutical industry.

According to the official press release which went viral in the latest cryptocurrency news on May 2, the four companies include the names of McKesson Corporation, AmerisourceBergen Corporation, Premier Inc. and Pfizer Inc. – all joining the MediLedger Project Contracting and Chargebacks working group.

The four leading US drug manufacturers will contribute to MediLedger, which is an initiative backed by the San Francisco-based blockchain tech company Chronicled Inc. and designed to reduce costs while making processes more efficient in data sharing. The goal will be to develop a common network as a solution that will automate the contract reconciliation and chargeback processes.

“MediLedger’s protocol aims to eliminate friction by connecting the disparate parties on a common network and automating the contract reconciliation and chargeback processes.  The design phase is underway with a plan to begin testing this protocol in Q2/Q3 2019.  Working group participants believe this will reduce costly errors, enable healthcare participants to operate more efficiently, and lower the cost of patient care,” the release states.

As reported by many best cryptocurrency news sites, the leading US drug manufacturers will contribute towards establishing a protocol for saleable return drug verification which is compliant with the current 2019 Drug Supply Chain Security Act regulations. The participants’ data will purportedly be shared only with the trading partners they specifically choose as the platform does not provide a central repository of all data.

“This innovative approach has the potential to transform how chargebacks work for the industry, allowing us to deliver better services to our members,” said Bill Marquardt, Vice President of Product Strategy and Planning for Premier Inc. “We are excited to collaborate with our partners to deliver these improvements.”

In times when chargebacks (cancelled or disputed transactions) are common in the medical supply chains in US, these US drug manufacturers are looking to improve this case. This comes especially in time when blockchain is gaining a lot of traction – especially in the healthcare space.

Some of