Leading US Drug Companies Join Blockchain Project to Manage Chargebacks

by | May 4, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

US | Chargebacks | Medical | Blockchain  Project

Major American pharmaceutical companies including Pfizer Inc. joins a project aimed at building a blockchain network for the health and pharmaceutical industry, as per a press release on May 2.

Pfizer Inc., AmerisourceBergen Corporation, McKesson Corporation, and Premier Inc. have joined the MediLedger Project Contracting and Chargebacks, working group. An initiative of San Francisco-based blockchain tech company Chronicled Inc., MediLedger is designed to reduce costs and systematize data sharing processes by developing a common network.

Purportedly, the solution will automate the contract reconciliation and chargeback processes. Chargebacks are basically canceled or disputed transactions. A common occurrence along medial supply chains in the United States, chargebacks usually involves various actors including government programs and private insurers are involved in the payment.

As per the release, the said network has successfully established a protocol for saleable return drug verification which is compliant with current 2019 Drug Supply Chain Security Act regulations. The platform does not provide a central repository of all data, implying that the data from the participants’ will be only shared with the trading partners they specifically choose.

Chronicled CTO Maurizio Greco elaborates about the cooperation:

“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.”

There has been an increase in employment of Blockchain, especially in the healthcare space. Just last month, Longenesis, a blockchain-powered medical data marketplace, and biotechnology company Insilico Medicine jointly entered an agreement with South Korean hospital Gil Medical Center in order to create a blockchain-based health data management solution.

In January, IBM collaborated with Aetna, acquired last November by pharmacy and health plan provider CVS Health,  health plan provider Anthem, Health Care Service Corporation the largest customer-owned health insurance provider in the U.S. and PNC Bank to incorporate a “blockchain-based ecosystem” to improve healthcare space.

Read more: Facebook Seeks $1 Billion For FB Coin In Talks With Visa, MasterCard As Reported By WSJ

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