Chronicled announces Blockchain powered MediLedger Product Verification Solution for Pharma Industry

Chronicled announced Blockchain enabled MediLedger Product Verification Solution for Pharma Industry.

As of November 2019, U.S. Drug Supply Chain Security Act (DSCSA) mandates wholesalers to verify prescription drugs that are returned and intended for resale. The compliance with DSCSA ensures that consumers are protected from fake, contaminated and stolen medication.

MediLedger Product Verification solution from Chronicled helps customers to comply with DSCSA rules for the saleable returns requirement, says the announcement.

San Francisco based technology company, Chronicled has leveraged blockchain to power smart, secure supply chain solutions for the last four years.

Executive Opinion

Susanne Somerville, CEO at Chronicled, explained, "Our industry has come together over the last 18 months to define, build, and test the MediLedger Product Verification Solution.  We are especially thankful for the collaboration of the incumbent solution providers who are hosting and operating this truly decentralized blockchain network.  We believe this is only the beginning of industry problems that can be solved using this innovative technology."

Benefits of MediLedger Product Verification Solution

The announcement noted that The MediLedger solution is the outcome of a collaboration between the leading pharma manufacturers, wholesale distributors, and innovative industry solution providers.

The solution is based on open standards. MediLedger utilizes blockchain hosted look-up directory and an encrypted peer to peer messaging. This helps the Pharma industry to check the authenticity of prescription medicines as required by DSCSA.

According to MediLedger website data, Chronicled is using a permissioned blockchain network based on open standards and specifications. The blockchain network nodes are distributed and operated by industry participants and technology providers in the same industry. MediLedger Project also managed to solve the sensitive issue of data privacy with the help of unique cryptographic constructs Chronicled developed.

Earlier in January 2019, SAP announced the general availability of a blockchain-technology based SAP Information Collaboration Hub for Life Sciences. The SAP Information Collaboration Hub helps eliminate counterfeit products along the pharmaceutical supply chain with the help of blockchain technology.

In another development for the medical industry, TCS and SAP partnered to launch SAP Leonardo powered Intelligent Field Inventory Management (iFIM) solution. TCS's Intelligent Field Inventory Management (iFIM) solution helps highly fragmented supply chain process of distributing Surgical kits to hospitals, collecting unused surgical kits from the inventory, ensuring surgical kit's efficacy and sterility along with their right delivery.