MediLedger Project’s Working Group Welcomes Pfizer and Three New Healthcare Companies
The working group for MediLedger Project Contracting and Chargebacks was established to function alongside the DSCSA working group, which was established in 2017.
Chronicled headed up MediLedger as their own initiative, creating supply chain solutions and creating ecosystems with the power of blockchain technology. In a recent press release, four life sciences and healthcare companies – Pfizer Inc., McKesson Corporation, AmerisourceBergen Corporation, and Premier Inc. – have joined the group, according to a press release on PR Newswire on May 2nd.
To improve the process of chargebacks, Chronicled has already started work on a design that will hopefully be finalized by the end of the second quarter of the year, and the testing would start right after in the following quarter.
In the press release, the company notes that the majority of medicines come through wholesale distributors. As such, the eligibility contracts and pricing are negotiated apart from this, resulting in the chargeback framework that needs to be implemented. Sharing this content between the multiple different parties can be difficult, and there is plenty of inefficiencies created in the process.
The new protocol that will be implemented by MediLedger will connect the two sides on a mutual network while automating certain processes.
Testing the protocol will come by the end of the third quarter, which the participants of the working group believe will help to reduce expensive errors, improve efficiency, and reduce patient care costs.
Bill Marquardt, the Vice President of Product Strategy and Planning for Premier Inc., said that this type of approach could “transform how chargebacks work for the industry,” which ensures that members will be served. Marquardt expressed his and his company’s excitement over collaborating with the partners.
The decentralized blockchain network is presently on track to be launched by the end of the second quarter, and they have already managed to create the necessary protocol for saleable return drug verification, and it follows the DSCSA regulations implemented to date.
The open protocols from MediLedger will be available to anyone that plans to be involved in the system, and will reduce the issued surrounding “vendor lock-in.” Furthermore, the data of users is protected, and the only information released will be determined upon if the user chooses to release it. The data is not held as a central repository, as the blockchain serves that purpose instead.
In fact, the information is so well protected that network manager Chronicled does not even have access to the user data stored without permission. The CEO of Chronicled, Susanne Somerville, promotes how valuable this protection for user data is, adding that the
“users operate the software themselves.”
There are three purposes of the blockchain technology – to store synchronized public data, to hold an immutable ledger of transactions, and to use smart contracts for the integrity of the system.
CTO Maurizio Greco of Chronicled notes that these three purposes of their own network are what the platform believes that blockchain was made for. Greco added,
“Blockchain technology, in the context of MediLedger, ensures that there is one source of truth, and we can design it 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.”