Pharma giant Pfizer has reportedly become one of the latest companies to join the MediLedger Project, which is a blockchain protocol program for supply chain management. McKesson Corporation, AmerisourceBergen Corporation, and Primer Inc. have also joined the program.
The MediLedger Project is described as a collaboration between Chronicled and The LinkLab, bringing together expertise in both Pharmaceutical Supply Chain and Blockchain technologies. The project’s intention is to advance the dialogue of a blockchain utility to enhance Pharma companies’ ability to manage their supply chains.
“Blockchain has the capacity to break apart the silos dividing pharmaceutical suppliers and customers, while also building bridges for secure record keeping of each transaction that protects every party and ensuring fidelity across supply chains. Imagine – an industry-wide network owned by the industry itself, connecting you to all your suppliers and customers. This is not the future – it is happening now.”
Through the MediLedger Network, companies are able to do the following:
- Keep an immutable record of transactions and data to demonstrate regulatory adherence and improve security
- Enforce cross-industry business rules without ever revealing your valuable, private data
- Protects business intelligence, so data stays behind firewall and under control
- Connect with trading partners and trusted service providers at the vanguard of emerging solutions for the pharmaceutical industry today
MediLedger notably went live in October 2018 with a solution for Saleable Returns, which is a combination look-up directory and verification routing service that can enable sub-second responses between wholesalers and manufacturers. The program’s creators then added:
“Beginning November 27th, 2019, the US pharmaceutical industry will be bound by new regulations set out by the Drug Supply Chain Security Act. One important component of these regulations is a provision that states that all prescription medicine returned to distributors must have their unique product identifiers verified with the manufacturer before being resold. The MediLedger Project has developed a network to meet the demands of this new set of regulations. This network combines a Look-Up Directory accessed through a blockchain with a permissioned messaging network that allows companies to securely request and respond to product identifier verification requests.”