Pharmaceutical Companies Reportedly Developed Blockchain System To Track Counterfeit Drugs

PC:Pixabay

Reuters recently reported some two dozen pharmaceutical companies developed “blockchain-based MediLedger Network” to track the supply chain of medicines.

Namely, global medical firms including Pfizer Inc PEE.N and Eli Lilly and Co LLY.N have moved ahead in emerging technology, blockchain. These firms have already developed a blockchain and decentralized solution with almost 20 companies are joining hands to create a blockchain solution.

The vision behind medical companies developing a blockchain system is to verify, track the supply chain of the prescription drugs and later to combat the flow of in the open market and to combat the flow of counterfeit medicines.

Since technology acts as a shared database, well connected with the networks of computers, blockchain enhances trust and transparency. The involvement of blockchain in the medical industry paves the way for a collective environment for all the parties; the drug makers, distributors, retailers and delivery firms.

Companies that are already in this rally include; FedEx Corp (FDX.N), Novartis (NOVN.S), Amgen Inc (AMGN.O), Sanofi (SASY.PA), GlaxoSmithKline Pic (GSK.L), Walmart Inc. (WMT.N), Walgreens Boots Alliance Inc. (WBA.O), AmerisourceBergen Corp (ABC.N).

Concerning the matter, Susanne Somerville who is the CEO of a MediLedger Custodian, Chronicle claimed that the report on blockchain-based MediLedger is already been delivered to the U.S. Food and Drug Administration. She notes the report laid emphasizes on the importance of the blockchain to prevent counterfeit medicines.

This being said, Reuters cited the report of the World Health Organisation which claimed ‘counterfeit medicines worth $79.26 billion are traded every year.

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.” Said, Susanne.

She also noted their vision by doing so is to “improve the security of prescription drugs in the country”.

Besides the medical industry, blockchain technology has already on a rise across several industries. Interestingly, the latest report notes that the top 5 companies are investing millions in terms of crypto to encourage blockchain education. On the other hand, Bloomberg also highlighted that American multinational investment bank and financial services, JPMorgan Chase & Co. believe that this disruptive technology is laying the foundation for digital money.

Tabassum Naiz: Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital, and cryptocurrency blogs.