Top Medical Firms Set to Develop a Blockchain Solution to Prevent Counterfeit Drug Supply
- Top medical firms partner to develop a blockchain based solution to combat counterfeit drugs in the market.
- The MediLedger blockchain aims to verify drugs through the supply chain and prevent flow of these drugs in the open market.
In an announcement released on Feb. 21, a number of global medical firms are entering into the blockchain space to create a decentralized solution to combat counterfeit drugs from the U.S and global markets. According to reports from Reuters, some of the largest companies in the medicare industry including Pfizer Inc. and Eli Lilly and Co. alongside over 20 companies, partnered to create the solution that is set to transform the supply chain of pills and drugs.
Some of the participants in the MediLedger group include Amgen Inc. (AMGN.O), FedEx Corp (FDX.N), GlaxoSmithKline Plc (GSK.L), Novartis (NOVN.S), AmerisourceBergen Corp (ABC.N), Sanofi (SASY.PA), Walgreens Boots Alliance Inc. (WBA.O) and Walmart Inc. (WMT.N).
The companies are developing a drug verification system, MediLedger Network, in a bid to bring together the drug makers, distributors, retailers and delivery firms in an efficient supply chain system. Susanne Somerville, CEO of Chronicle, a MediLedger custodian said,
“Even though the drug supply in the United States is safe, there are small percentages … of potential counterfeit drugs. Certainly, there’s a lot of evidence of diverted drugs.”
So far the organization has yet to release a launch date of the product. However steps to register the project with the Food and Drugs Administration (FDA) are already underway.