Chronicled and Deloitte ally to accelerate blockchain in the life sciences and health care industry,
Chronicled and Deloitte today announced an alliance to bring blockchain-powered solutions to the life sciences and health care industry. The alliance will leverage technology and solutions powered by Chronicled's MediLedger Network, a blockchain-enabled network for the life sciences industry, to bring interoperability, security and efficiency to processes between companies in revenue management and the pharmaceutical supply chain.
Part of the new alliance between Chronicled and Deloitte includes a solution to help fight counterfeits and fraud in the medication used for the treatment of COVID-19, an issue that has increased dramatically since the start of the pandemic. MediLedger's product verification solution can enable pharmacies and hospitals to authenticate high risk or suspect products. It works through a barcode scan that validates product data against the original manufacturer's data. MediLedger already enables verification by pharmaceutical wholesalers for more than 95% of drugs being re-sold in the US and is among the first blockchain-based solutions deployed in commercial use around the world.
"Chronicled has the potential to radically reshape the way product is tracked and managed within the health care ecosystem," said David Carlson, managing director, Deloitte Consulting LLP, and leader for the Chronicled relationship. "As the life sciences industry moves quickly to get innovative therapies to market during this critical time, stakeholders are looking for solutions that enhance pricing transparency while creating an efficient mechanism to exchange product use and financial information. Chronicled is an important player in the effort to better collaborate across the value chain and Deloitte is well positioned to drive large scale industry transformation."
In addition to product verification on MediLedger, Chronicled will launch a second solution this summer called Contracts & Chargebacks aimed at eliminating disputes, improving cash flow and identifying revenue leakage in the chargeback process between manufacturers, distributors and group purchasing organizations. MediLedger can enable significant improvements to these processes, helping companies transact and share data with each other and avoid delays, inaccuracies, poor customer service and lost revenue.
"Chronicled is pleased to be working with Deloitte to offer the MediLedger Network to the health care industry, most importantly to do our part in the fight against COVID-19," said Susanne Somerville, CEO of Chronicled. "Combining Chronicled's innovative product verification and contracts and chargebacks solutions and Deloitte's deep experience with implementation and the complexities of these business processes, we have the ability to create tremendous value for the industry and the world."