• Fri, 06 Dec 2019, 01:52 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Pfizer, Premier and others join Chronicled’s blockchain-focused working group

Mon, 06 May 2019, 07:27 am UTC

A number of life sciences and healthcare companies have joined a working group focused on using blockchain technology for improving the convoluted process of chargebacks.

Pfizer, McKesson Corporation, AmerisourceBergen Corporation, and Premier have joined Chronicled’s MediLedger Project Contracting and Chargebacks working group.

Founded in 2014, Chronicled is a San Francisco-based company that leverages blockchain to bring trust, efficiency, and automation to global supply chains.

Earlier this year, the startup raised $16 million in a Series A funding round led by Mandra Capital, a Hong Kong-based VC firm. It said at the time that it was piloting MediLedger, a pharmaceutical industry network, with a group of major companies and is on track to go live by Q2 2019.

Effective November 27th, 2019, the U.S. pharmaceutical industry will be bound by new regulations set out by the Drug Supply Chain Security Act (DSCSA). In compliance with the new rules, MediLedger has established a protocol for saleable return drug verification, which will be ready for commercial use and integration later this year. The Contracting and Chargebacks marks the second solution available in the network.

Currently, pharmaceutical industries sell medicines via wholesale distributors but pricing and eligibility contracts are negotiated separately. Forbes explained that these drugs are then potentially purchased by buying groups and ultimately by consumers. With multiple parties involved in the process, sharing of information across becomes difficult, leading to a chargeback.

Chronicled is now designing a protocol to improve the process. MediLedger's protocol will aim to eliminate friction by connecting the disparate parties on a common network and automating the contract reconciliation and chargeback processes, the release said.

Working group participants expect that this will help reduce costly errors, enable healthcare participants to operate more efficiently, and lower the cost of patient care.

"This innovative approach has the potential to transform how chargebacks work for the industry, allowing us to deliver better services to our members," said Bill Marquardt, Vice President of Product Strategy and Planning for Premier Inc. "We are excited to collaborate with our partners to deliver these improvements."

The protocol’s design phase is currently underway and the testing phase is expected to start in Q3 2019.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,401.15 (-0.71%)
  • Ethereum (ETH) $147.69 (-0.85%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $211.56 (-0.86%)
  • Litecoin (LTC) $44.83 (-0.62%)
  • Bitcoin (BTC) $7,401.15 (-0.71%)
Dec 6, 2019 (Friday)
13:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
11:18
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
10:31
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
10:00
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
08:44
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
07:37
Reserve Bank of India governor against the development of private digital currencies
07:34
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
07:30
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
05:47
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
05:03
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
04:42
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
04:23
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
03:56
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
03:54
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
03:51
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft