SAP partners with Chronicled for blockchain-based drug verification solution ‘MediLedger’
Fri, 06 Sep 2019, 06:47 am UTC
Enterprise software firm SAP has partnered with blockchain startup Chronicled as part of its efforts to help pharmaceutical companies comply with the U.S. Drug Supply Chain Security Act (DSCSA) using blockchain technology.
The new regulations are slated to go into effect on November 27, 2019, requiring wholesalers in the U.S. pharmaceutical industry to verify prescription drugs that are returned and intended for resale.
Founded in 2014, San Francisco-based Chronicled launched its MediLedger Product Verification Solution in July 2019. The solution aims to assist drug supply chain stakeholders in ensuring compliance with the DSCSA saleable returns requirements. It is an output of the MediLedger Project, which aims to create an open and decentralized network for the pharmaceutical supply chain.
A number of life sciences, healthcare and other companies have joined the MediLedger Project including Pfizer, McKesson Corporation, AmerisourceBergen Corporation, Premier, and Walmart.
In its press release, SAP said that the MediLedger solution will be an integral part of SAP Information Collaboration Hub for Life Sciences. Earlier in January, SAP announced the general availability of the collaboration hub that aims to eliminate the problem of counterfeit drugs.
“By partnering with SAP, which now includes Chronicled’s MediLedger solution, we are providing the best possible solution for our business by utilizing the unique benefits of both solutions to ensure our customers are receiving only authentic prescriptions medicines,” Jeffery Denton, AmerisourceBergen senior director, Global Secure Supply Chain, said.
MediLedger uses blockchain technology to provide a secure, reliable and distributed network to SAP customers, enabling verification routing within the collaboration hub. This ability to detect potential counterfeit products will improve patient safety, SAP said.
The combined solution is reportedly being utilized by 9 of the top 20 global pharmaceutical companies and two of the top three U.S. wholesaler distributors.
Earlier in January, SAP launched a blockchain solution to track and authenticate pharmaceutical packaging returned from hospitals and pharmacies to wholesalers before products are resold.
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