Blockchain Solution For Pharma Industry Launched By Chronicled

Blockchain, Innovation, News | July 4, 2019 By:

Blockchain startup Chronicled has officially launched its blockchain-powered product verification solution for drug returns.

Based in San Francisco, Chronicled is a technology company leveraging blockchain and Internet of Things (IoT) to power smart, secure supply chain solutions. It has developed tools and protocols to enable decentralized blockchain networks that support multi-party supply chain ecosystems. The company has been helping the pharmaceutical industry to launch a permissioned blockchain network based on open standards and specifications.

In a press release, Chronicled announced that its product verification solution, called MediLedger, has been launched. The solution, which has been developed in partnership with pharma manufacturers, wholesale distributors, and innovative industry solution providers, will assists drug supply chain stakeholder with complying with the saleable returns requirements of the Drug Supply Chain Security Act (DSCSA).

According to Chronicled, the launch of MediLedger marks an important step in its plans to address the pharma industry‚Äôs most challenging problems. The company said that additional protocols are planned which will allow compliance with upcoming DSCSA requirements and to enable significant cost-saving improvements in the industry’s revenue management processes.

“Our industry has come together over the last 18 months to define, build, and test the MediLedger Product Verification Solution,” said Susanne Somerville, CEO of Chronicled. “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.”

The launch came after Chronicled announced the start of their participation in the US Food and Drug Administration (FDA) Pilot Project Program for assisting drug supply chain stakeholders in developing an electronic, interoperable system that will identify and trace certain prescription drugs as they are distributed within the United States.