Chronicled and Deloitte Associate to Accelerate Blockchain During COVID-19 Pandemic
Chronicled and Deloitte today declared a collaboration to bring blockchain-powered solutions to the life sciences and health care industry. The partnership will use technology and solutions powered by Chronicled’s MediLedger Network, a blockchain-based network for the life sciences industry, to bring security, interoperability, and efficiency to processes between companies in revenue management and the pharmaceutical supply chain.
Part of the new collaboration between Chronicled and Deloitte involves a solution to help combat counterfeits and fraud in the medication utilized for the treatment of COVID-19. This issue has developed dramatically since the origin of the pandemic. MediLedger’s product verification solution can allow pharmacies and hospitals to confirm high risk or suspect products. It operates by a barcode scan that validates product data against the original manufacturer’s data. MediLedger already allows verification by pharmaceutical wholesalers for more than 95% of drugs being re-sold in the US. It is among the first blockchain-based solutions used in commercial usage across the globe.
“Chronicled has the potential to radically reshape how the product is tracked and managed within the health care ecosystem,” said David Carlson, managing director, Deloitte Consulting LLP, and leader for the Chronicled relationship in a statement. “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 enhancement to product verification on MediLedger, Chronicled will launch a second solution this summer named Contracts & Chargebacks intended to reduce disputes, improve cash flow, and recognize revenue leakage in the chargeback process between distributors, manufacturers, and group purchasing organizations. MediLedger can allow prominent changes to these processes, supporting companies transact and share data and evade delays, inaccuracies, poor consumer 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 in a statement. “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.”