The health industry is among the most hit by counterfeit drugs and now Pfizer, a global pharmaceutical firm based in the United States, has joined other leading companies in the United States in using blockchain technology to address these issues.
According to a press release citing the development, the firms will be using blockchain technology to manage how canceled/disputed transactions commonly known as chargebacks, will be handled. Additionally, the firms will rely on blockchain technology to reconcile contracts.
The pharmaceutical companies have already joined a working group – MediLedger Contracting and Chargebacks – which is managed by Chronicled Inc., a technology firm based in San Francisco, U.S. MediLedger is keen on developing solutions that will ease data sharing via a shared network.
Maurizio Greco, CTO, Chronicled, noted:
“These are the things we believe a blockchain should be used for. Blockchain technology, in the context of MediLedger, ensures that there is one source of truth, and we can design it so only the license holder can create records for its own products, for example. ”
However, although MediLedger is a shared network, it employs smart contracts to ensure the integrity of the system. Other leading pharmaceutical firms joining Pfizer Inc. are Premier Inc., AmerisourceBergen Corporation, and Mckesson Corporation, all of which are based in the United States.
In the recent past blockchain technology has been finding heavy usage in the pharmaceutical industry both in the United States, South Korea, and the world at large.
For example, a leading healthcare facility in South Korea, Gil Medical Center, is looking for ways to manage its health data using blockchain technology. In the U.S, HMS Technologies Inc, a reputable provider of health information technology, has plans to use blockchain technology to drive down government’s expenditure on healthcare costs.