MediLedger Advises FDA To Embrace Blockchain For Tracking Drugs!
MediLedger, a blockchain-powered network for the pharmaceutical industry, has published a report saying that the U.S. Food and Drug Administration (FDA) could profit from blockchain adoption in the battle against counterfeit drugs.
MediLegder Network Could Transform FDA Drug Tracking
According to a report released by MediLegder, an FDA-approved Pilot Project, blockchain technology utilization could promote the agency’s capacity to track and trace prescription medication over the United States.
MediLegder, founded in June 2019, is part of the FDA’s move to assure compliance with the Drug Supply Chain and Security Act (DSCSA), supposed to be fully executed by 2023. The act needs stakeholders in the industry to pursue legal transformations in ownership of pharmaceuticals in the supply chain.
MediLegder’s blockchain network could assist organizations in keeping accurate records of legally obtained prescribed medication and usually provide better healthcare services for patients, according to the report. An extract from the report reads:
“The workgroup believes that, in the absence of a central point of data sharing as other countries have chosen to implement, the U.S. supply chain will suffer as companies struggle with keeping data accurately and completely shared across a wide variety of partners, systems and technical formats. This means that in the event of a significant public health crisis, stakeholders and agents will struggle to locate and quarantine suspect products promptly, continuing to put patients’ lives at stake.”
Also, the report unveiled that the medical industry could accomplish full data privacy compliance and dodge the leak of confidential data by utilizing zero-knowledge proof technology powered by MediLedger’s blockchain network. Nevertheless, the long-term prosperity of an interoperable pharmaceutical blockchain solution is reliant on strong participation and adoption from all industry stakeholders, as per the report.
Blockchain Adoption in Provenance and SCM
MediLedger’s blockchain network is formed and administrated by Chronicled, a San Fransisco-based technology company. After gaining permission to run a pilot project in 2019, the company began associating with prominent organizations in the pharmaceutical supply chain to trial out the blockchain network’s potential to support the FDA in implementing DSCSA compliance.
The pilot project involved a workgroup of 25 leading companies such as channel and contract management firm Genentech, multinational pharmaceutical behemoth Pfizer, drug wholesaler, AmerisourceBergen, and multinational retail corporation Walmart, to name a few.
Reflecting on the advancement of the project, CEO of Chronicled, Sussane Somerville stated:
“We are very pleased that companies across the industry joined Chronicled in the MediLedger FDA Pilot Project. We were able to show that a blockchain solution is feasible to meet the 2023 DSCSA requirements and are privileged to take part in making the U.S. drug supply chain safer for patients.”
According to Sommerville, the project was founded on three core technologies: a blockchain ledger for shared transaction verification and smart contract execution, zero-knowledge to facilitate privacy for messaging and transfer of data, and a private messaging system to offer interaction between clients and trading partners in the supply chain.
Representatives from Genentech and Pfizer stated the project had shown a widespread industry commitment to developing an interoperable system that aids the FDA to achieve full DSCSA compliance.
Aside from the pharmaceutical industry, other blockchain pilots are seeing at employing technology in areas such as Provenance and Supply Chain Management (SCM). As earlier reported by Blockonomi in January 2019, Carico Café Connoisseur, a Ugandan-based coffee firm, declared the utilization of blockchain technology to pursue goods along its supply chain.
Back in December 2018, TEMCO, an SCM platform, revealed a collaboration with bitcoin blockchain developer Rootstock. The pair promised to offer a supply chain solution capable of uniting isolated supply chain systems and offering real-time tracking data to clients.
In January 2019, Havard University unveiled its partnership with The Levi Strauss Company and the New America think tank to produce a blockchain-based platform that could potentially substitute external factory health and safety auditors.