Chronicled blockchain technology

Podcast: Play in new window Download Susanne Somerville is the CEO of Chronicled , builders of enterprise blockchain solutions for the life sciences and healthcare industry. In this podcast Susanne introduced us to both Chronicled and to MediLedger whilst sharing some insights on how they are tackling some of the inefficiencies in the US healthcare system. You will also hear about some of her learnings about the differences of launching blockchain solutions based on regulatory compliance compared to one of ROI.

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Chronicled blockchain technology

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Content:

• Why does the pharmaceutical industry need blockchain?
• Deloitte and Chronicled Alliance
• Chronicled
• How Blockchain Will Revolutionize Healthcare
• Cold Chain Global Forum West Coast
• Five Blockchain Start-Ups You Need To Watch
• SAP and Chronicled Announce Blockchain Solution to Verify Prescription Drug Authenticity
• Why Big Pharma Is Betting on Blockchain
• List of Chronicled MediLedger Customers

WATCH RELATED VIDEO: MediLedger: Building an Open Network for the Pharmaceutical Supply Chain

Why does the pharmaceutical industry need blockchain?

A supply-chain professional at a West Coast biotech was less than sanguine about his task to investigate blockchain technology for his organization. I subsequently learned about what he was referring, directly from Susanne Somerville, founder and leader of The MediLedger Project , a biopharma-industry working group for the study of blockchain implementation.

Below, Somerville fills us in on what that supply-chain professional might have meant, her blockchain project, and what the technology could mean specifically for drug development and manufacturing outsourcing. Starting in , Somerville has brought together companies like Abbvie , Genentech where she spent part of her career and Pfizer , to enter into a practical exploration, and actual implementation, of a blockchain network. There was so much interest within the companies, they ended up contributing way more people than we had outlined necessary for the working group.

First off, that broad-based interest is heartening. While the U. These service providers would benefit from standards or uniform practices to maintain some control. This tension is part of the core of the evolution of blockchain. First lets take a closer look at MediLedger itself. Somerville left Genentech where she was the sponsor of its serialization program in , and with business partner Eric Garvin also previously at Genentech , started consulting in the serialization space.

Bolstered by that initial industry interest, Somerville and Garvin sought out a blockchain development partner. What do we need to be involved in, or at least how can we prove its value? The focus is on moving from proof of concept to actual commercial solutions. That takes funding. Eventually, the actual transactions across the blockchain network will become the funding model.

Key is ensuring easy integration from existing solutions; providers should be able to offer biopharma customers the new blockchain connectivity, but also their own propriety services. The blockchain ends up creating this connected record of transactions through a decentralized, but managed platform. The biggest challenge now? Educating the industry to understand the basics of why this could be of wide consequence. An open data-exchange standard would streamline their business, and simplify operations and connectivity.

So while Somerville and her biopharma partners first need to get blockchain firmly in place for DSCSA, the establishment of this network will also put in place the groundwork for a variety of offerings and services along the supply chain. Where is blockchain eventually going to go? We are on the road between here and there. Outsourced Pharma readers can download the most recent MediLedger Project progress report. Get more pharma outsourcing insight with our FREE newsletter sign me up.

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Deloitte and Chronicled Alliance

The Covid crisis exposed major cracks in medical supply chains — essentials were hard to come by, and verification that goods were what they were advertised to be was a struggle. One possible solution to these problems is blockchain. The advantage of a blockchain-based system is that competitors can collaborate on a shared platform without sharing sensitive information, allowing them to trace the provenance of supplies, verify their status, and reduce friction throughout the supply chain. There is, of course, a catch: Blockchains are an ecosystem technology and only bring benefit when the technology is not only broadly adopted but when physical systems work with it.

Chronicled

Point of View. These innovative companies must be the starting shot for greater investment in blockchain solutions from big pharma companies looking to secure their supply chains. The MediLedger Project is a prime example of how a community can use distributed ledger technology to secure supply chains. Distributed ledger technology can help the industry by using its information-storing capabilities to check identities as exchanges occur across the supply chain, making it much less likely drugs from unsecured sources could make their way to the market. MediLedger is just one example of a company using blockchain as a solution. Healthcare companies around the world are answering the call by their own means as well. The main goal of this partnership focuses more on medical record security than drug distribution security, revealing another sector where this technology could prove invaluable. Ownership will allow patients to grant and revoke access permission to any unsavory viewers that might want to access their personal information.

How Blockchain Will Revolutionize Healthcare

Chronicled is the custodian of the MediLedger Network - a blockchain powered network for the life sciences industry. Chronicled is the custodian of the MediLedger Network , an industry-led, blockchain-powered network within the life sciences industry. Chronicled's role is to provide administration and build solutions on top of the MediLedger Network to facilitate trust and enable automation between trading partners. The life sciences industry is uniquely complex in how pharmaceutical drugs move from manufacturers to serving patients. Beyond the supply chain there are regulatory requirements, complicated pricing and contracting relationships and an infinite number of exceptions to every industry standard for how trading partners do business together.

Cold Chain Global Forum West Coast

Blockchain is still an emerging technology, but it is gaining increased interest for use in the pharmaceutical supply chain. Blockchain has growing interest across all sectors, including in the pharmaceutical industry. A new pilot program seeks to develop blockchain solutions for the pharmaceutical supply chain. With first use in the banking and financial services industries, blockchain technologies leverage advances in software, communications, and encryption to enable organizations to move from maintaining a separate, fragmented database structure to a shared, distributed database that spans organizations. In the context of financial services, blockchain technology supports a shared digital ledger of transactions recorded and verified across a network of participants. With the technology, transactions reside in a tamper-evident data structure that provides the necessary levels of data security and access for each user.

Five Blockchain Start-Ups You Need To Watch

Chronicled is the custodian of the MediLedger Network - a blockchain powered network for the life sciences industry. Contract updates shared in real-time between trading partners ensure greater pricing and chargebacks accuracy. Product Verification on MediLedger enables sub-second verification of product identification data for US prescription drugs against original manufacturer data. The MediLedger Network combines a secure peer-to-peer messaging network and a decentralized blockchain network to be the ultimate bridge between trading partners. Chronicled facilitates industry-lead working groups where discussion and collaboration turn into real products that create value between companies. Products developed by the industry for the industry. Join us to be a part of the solution! Chronicled is the custodian of the MediLedger Network - a blockchain powered network for the life sciences industry Learn More.

SAP and Chronicled Announce Blockchain Solution to Verify Prescription Drug Authenticity

Press Release for Tuesday, November 30, - Download. FFF , the industryleading supplier of critical-care biopharmaceuticals, vaccines, and plasma products, and Chronicled, the technology company behind the blockchain-powered MediLedger Network, are pleased to announce FFF Enterprises is live on the MediLedger Network. Through MediLedger, FFF aims to improve pricing accuracy and eliminate chargeback errors among FFF's pharmaceutical supplier and group purchasing organization GPO trading partners, while streamlining the procurement process for its dispenser customers. FFF Enterprises was a founding member of the MediLedger working group for contracting and chargebacks that developed the requirements and protocols for this first-of-its-kind decentralized solution.

Why Big Pharma Is Betting on Blockchain

Leading big four firm Deloitte has partnered with Chronicled, a San Francisco tech company, to address medication fraud and counterfeit drugs through blockchain technology. Chronicled will provide its blockchain-enabled network dubbed MediLedger that has been instrumental in the healthcare and life sciences sector. The MediLedger network has helped propel efficiency, security, and interoperability in the pharmaceutical supply chain and revenue management. Through the strategic partnership, this blockchain system will help fight fraudulent medication needed in addressing the coronavirus COVID that has wreaked havoc globally.

List of Chronicled MediLedger Customers

Some of the biggest names in healthcare and life sciences have signed on to a new blockchain initiative meant to smooth the efficiency of healthcare contracting. The complexity of pharmaceutical sales via wholesale distributors today, "with pricing and eligibility contracts negotiated separately, and parties made whole on the price difference through a chargeback framework," could stand to be ironed out a bit better, according to Chronicled. The aim of MediLedger is to streamline information sharing across parties — linking them on a common blockchain based network and automating contract reconciliation and chargeback processes. It's built around open protocols, with data kept safe behind a firewall. Rather than a central repository of data, the blockchain cryptographically connects records, enabling robust privacy protections. From Silicon Valley startups to Washington policymakers , everyone is innovating how distributed ledger technology can be put to work enabling efficient data transfer with failsafe privacy protections. Supply chain management , of course, is one of the areas where it has the most potential.

Blockchain offers a number of potential solutions to supply chain issues currently facing the medical industry. This developing technology offers opportunities for decentralized record-keeping and tracking of transactions, as well as increased overall efficiency and the removal of unnecessary intermediaries. Investigators have described the modern global medical supply chain as fractioned and inefficient, with expired and counterfeited products directly threatening patient care.