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Four Significant Drug Firms Based in the US Join Blockchain Project to Administer Chargebacks

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According to a press release on May 2, One of the top pharmaceutical firms based in the United States – Pfizer Inc has collaborated with a project to build a blockchain based network specifically for the health and pharma industry.

Further, McKesson Corporation, Premier Inc and AmerisourceBergen Corporation have collectively collaborated with the MediLedger Project Contracting and Chargebacks, working group.

MediLedger, an initiative by Chronicled Inc (based in San Francisco) is specially designed in a manner to cut costs along with making processes more efficient in sharing data by coming up with a shared network. According to reports, the solution will essentially automate the contract reconciliation and the process of chargeback.

In the United States, Chargebacks disputed or canceled transactions are something which happens regularly along medial supply chains, and numerous actors are involved in payment including private insurers and government programs.

According to the press release, the network has already established a protocol for saleable return drug verification which is docile with the 2019 Drug Supply Chain Security Act regulations.

Reports further suggest that the data of participants will be shared only with the trading partners chosen explicitly by the participants. Also, the platform does not give a central archive of the data.

Maurizio Greco, Chronicled CTO commented that “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.”

Lately, blockchain has been making a mark in the healthcare sector as well. Recently, HMS Technologies Inc (A significant health information technology provider for the government of the United States)  announced that it would soon be accommodating Solve. Care’s blockchain platform into their federal health info technology initiatives.

As per the reports, this move is focussed on bringing down the cost of government healthcare and boost interoperability and accessibility.

Moreover, Gil Medical Center based in South Korea has stepped foot in collaboration with Longenesis (medical data marketplace) to develop a health data management solution based on the principles of blockchain technology.

The collaboration intends to increase the efficiency of data collection, medical research processes and to make sure of transparency in managing patient data.

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