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The US-Based Major Pharmaceutical Companies Join Blockchain Project For Managing Chargebacks

Healthcare News

The_US-Based-Major-Pharmaceutical-Companies-Join-Blockchain-Project-For-Managing-Chargebacks The US-Based Major Pharmaceutical Companies Join Blockchain Project For Managing ChargebacksThe four leading US pharmaceutical companies including Pfizer Inc. have reportedly joined a project to develop a Blockchain network for the health and pharmaceutical industry. With Pfizer Inc, AmerisourceBergen Corporation, McKesson Corporation, and Premier Inc. have joined the MediLedger Project Contracting and Chargebacks, working group. An initiative of Chronicled Inc, a San Francisco-based Blockchain-driven company, MediLedger is designed to lower the costs and systemize data sharing processes by creating a common network.

According to the reports, the solution will automate the contract reconciliation and chargeback processes. As cancelled and distributed transactions, Chargebacks are a common occurrence along the medical supply chain in the U.S., where a number of actors like government initiatives and private insurers are comprised in the payment. As per the announcement, the network has already effectively established a protocol for sealable return drug verification which is acquiescent with present 2019 Drug Supply Chain Security Act Regulations. The implying data from the participants will supposedly be shared only with the trading partners they particularly choose, while the platform does not offer a central repository of all data. On the cooperation, CTO at Chronicled, Maurizio Greco, commented that “we can design [the blockchain system] so only the license holder can create records for its own products, for example. This may seem like a simple illustration, but it is revolutionary.”

As per the reports, Blockchain has been paving its way in the healthcare industry, as Blockchain-driven health systems and organizations are entering in mergers and acquisitions. In this regard, a blockchain-powered medical data platform, Longenesis has recently entered into an agreement with South Korea-based Gil Medical Center to create a Blockchain-based health data management solution.