Chronicled, the technology company behind MediLedger Network, has entered into a partnership with Parity Technologies, the developer behind Polkadot and Substrate; together the two will leverage modern peer-to-peer communication and blockchain technologies to improve the integrity and efficiency of the Life Sciences supply chain.
The MediLedger Network is the leading blockchain-powered network for automatically settling trading partner transactions in the Life Sciences industry. Over 77 pharmaceutical firms are participating in the MediLedger Network, including 9 of the top 10 pharmaceutical manufacturers, as well as leading healthcare distributors and Group Purchasing Organizations (GPOs).
MediLedger was developed using Parity’s blockchain framework, Substrate, which also powers Polkadot, the 8th largest cryptocurrency by market cap.
MediLedger was initially created to tackle drug supply chain safety, and under this new partnership that framework will be applied across a diverse range of areas, including: product data verification on drugs returned to distributors, and settling drug discount reimbursements between manufacturers and distributors (chargebacks).
Substrate provides unparalleled flexibility for MediLedger, enabling the development of blockchain solutions to meet the demands of any use case. At present, MediLedger solutions utilize a permissioned network configuration, and their new capacity to interoperate with other blockchains such as Polkadot, creates an exciting wealth of opportunities for innovation with permissioned and/or public hybrid use cases, or tokenization within Life Sciences.
“We discover exciting new use cases every day for the application of blockchain and Web 3.0 technologies,” says Susanne Somerville, CEO of Chronicled. “Substrate has been designed to adapt to the future, and will enable us to innovate and fulfil whatever needs the industry requires of us”
Pricing discounts offered to pharmaceutical dispensers across the U.S. are governed by the contracting and chargeback processes, which have historically been supported by dated technology such as EDI, and in some cases, emails and spreadsheets. Through MediLedger, partners can align on customer eligibility and pricing in real-time, all the while maintaining chargeback accuracy prior to claims being shared with suppliers.
It’s a breakthrough for the industry, and will reduce the industry error rates from approximately 4% to around 0.1% across multiple pain points such as: chargeback disputes, pricing errors, and inefficiencies impacting cash flow.