Blockchain as an Ecosystem Facilitator in the Healthcare Industry
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Description
MediLedger, a solution administered by a technology company Chronicled, is a blockchain-based platform developed in collaboration with renowned pharmaceutical manufacturers such as Pfizer, Genentech, and AmerisourceBergen. The ecosystem has been designed to bring real-time alignment and accuracy to the life sciences industry. By leveraging blockchain technology, MediLedger aims to enhance the efficiency and security of the drug supply chain, enabling real-time tracking of medicines and reducing the risk of counterfeit products. By becoming a part of its industry network, MediLedger assures its members that they can avoid unnecessary chargeback write-offs and ineligible 340B access, thereby saving money.
MANAGING DATA IN THE HEALTHCARE INDUSTRY IS COMPLICATED
The Covid-19 pandemic aftermath has resulted in healthcare providers relying heavily on technology to manage healthcare supply chains, patient data, and insurance claims. Failure to properly manage data and adhere to HIPAA compliance for Protected Health Information (PHI) can lead to significant disruptions in the supply chain, ultimately impacting the security and effectiveness of patient data in the healthcare industry. This is where blockchain technology comes into play in the medical supply chain. By offering secure data retrieval and storage, blockchain-based solutions greatly enhance data integrity and streamline medical processes. These solutions ensure the origin of data, promote authenticity to meet the healthcare sector’s demands, and guarantee the immutability of transactions from multiple directions.
According to Gartner, over the next few years, more than 40% of Chief Supply Chain Officers (CSCOs) will integrate real-time supply chain data exchange solutions, such as application programming interfaces (APIs) or blockchain technology. This strategic move aims to enhance the efficiency and effectiveness of their supply chain operations. Moreover, the pharma and medical sector is projected to witness a market size of $815.65 million by 2026, with a compound annual growth rate (CAGR) of 22.10% from 2023 to 2030. Therefore, investing in blockchain technology now presents an opportune moment to improve supply chain management, enhance overall business efficacy, and increase traceability and transparency.
Benefits and outcomes
- Enhancing efficiency and security of the drug supply chain
- Enabling real-time tracking of medicines
- Diminishing the likelihood of counterfeit products
- Increasing pricing accuracy
- Increasing eligibility accuracy with predictable roster data, documentation and industry identifiers
- Preventing unnecessary chargeback write-offs
- Eliminating data misalignment and dispute management
- Eliminating chargeback disputes and errors
- Streamlining contract communications across trading partners
- Eliminating the manual processes of retrieving, reconciling and researching GPO memberships
Further information
AmerisourceBergen: “The MediLedger FDA Pilot Project has shown that it is feasible to use a blockchain based solution for compliance with The Drug Supply Chain Security Act (DSCSA) requirements related to the interoperable, electronic tracing of products at the package level.”