Leading US Drug Companies Join Blockchain Project to Manage Chargebacks

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.

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.

“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.”

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.

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