MediConnect: Blockchain Medicine and Drug Platform
Mediconnect is a UK-based blockchain platform that seeks to help users invest in the future of medicine online and ensure the safety of patient both online and offline.
It prevents patients from ordering prescriptions with multiple online pharmacies, identifies counterfeit drugs and prevents their infiltration into the Pharma chain, and alerts patients instantly whenever a drug or medicine is recalled. The Mediconnect private ICO sale is ongoing and interested parties can join here: https://ico.mediconnect.io/.
Big challenges within the pharmaceutical industry
Mediconnect identifies two major challenges in the pharmaceutical industry. First, there is overuse of prescription medication, which is increasing dramatically. This problem arises because there are no control mechanisms in place to restrict patients from purchasing prescribed medication from multiple sources, especially in the private sector.
This has given patients the leeway to be prescribed the same medicine from one or more online providers as well as their regular NHS doctor.
Secondly, there is the issue of medication provenance and pharmaceutical supply chain. Counterfeit drugs are increasingly penetrating the market and this makes it difficult for patients to establish provenance.
In 2007, a scandal arose of Casodex, Plavix, and Zyprexa, in which the Medicines and Health products Regulatory Agency confiscated 40,000 packs of counterfeit medicine before they could find their way into the market.
However, an estimated 25000 packs reached the pharmaceutical market across the UK and the consumers. The agency further recalled 7000 packs.
Connecting the Pharma world
As of this writing, Mediconnect is the single blockchain solution that seeks to transform how people use medication in the UK.
It will prevent the over-prescription to patients from multiple pharmacies, reduce addiction, and even provide traceability of drugs from manufacturers, wholesalers, and everyone in the supply chain up to the patient. With Mediconnect, there will be no more false medicines in the market. Besides, it will be easy to recall drugs within the Pharma system.
How it works
Mediconnect will operate all the way from the drug manufacturer through the logistics companies, prescribers, and pharmacists, to the patient.
- Creates drug serial codes for registration on the blockchain
- Issues drug recalls by deploying health warnings through the blockchain
- Investigates the source of counterfeit or tainted drugs in the supply chain
- Ensures complete data transparency of drug movement along the supply chain
- Tracks traceability of genuine drugs through the supply chain lifecycle
- Provides real-time tracking of product ownership and chain of custody to manufacturers, wholesalers, and online pharmacies
- Minimizes storage and allocate inventory using data from real-time demand forecasts
- Deliver quality assurance of each tracked item, complete with documentation of certification, source, and inspection of drugs at customs
- Will monitor and coordinate drugs distribution throughout the network
- Will identify potential sources of counterfeit drugs that have been introduced into the supply chain
- Access patients’ updated and complete medication list across all providers
- Authorized to prescribe drugs and register the prescription directly on the blockchain
- Save administration time and burden of paper trails
- Reduce adverse medication events with warning on drug-to-drug interactions
- Reduce fraudulent prescriptions issued by unqualified professionals
- Obtain authorized prescriptions issued on the blockchain
- Build a healthy supplier relationship with drug manufacturers and wholesalers
- Track the origin, location, and the status of the drug consignments
- Purchase or nominate NHS and private prescriptions from online and offline pharmacy of their choice
- Their prescription records are accessed by all healthcare professional services to verify their medical history, suitability for supply, and overuse prevention
- Ability to scan with mobile application their medication for verification of provenance and health warnings and False Medicine and potential drug recalls