Pharmaceutical Companies Introduce New Blockchain-based Platform

About 20 pharmaceutical companies have developed a blockchain-based system called the MediLedger Network, which is used to track medicines in the supply chain.

Key technology proponents include CoLLY.N, Eli Lily, and Pfizer Inc. It is known that some companies already use blockchain to simplify sales processes and support the distribution network. Some medical and pharmaceutical companies are also in the process of adopting the blockchain. These include Walgreens Boots Alliance, Walmart Inc, GlaxoSmithKline, Sanofi, Amgen Inc, and FedEx Corp.

The main reason medical companies implement blockchain is the efficiency of operations. It is required to verify and track drugs through a network of distributors and retailers. For large pharmaceutical companies, it is important to ensure that the supply chain is functioning properly. Another vital goal of such platforms is to minimize the counterfeiting and flow of fake medicine.

Image courtesy of Healthcare It News