The MediLedger project fights the counterfeit drug market

24 pharmaceutical companies have decided to collaborate on a blockchain project to prevent drug counterfeiting. Created under the name MediLedger Network, the organization includes the largest US drug manufacturers and distributors. The 24 participating companies include Amgen Inc, FedEx Corp, GlaxoSmithKline Plc, Novartis, AmerisourceBergen Corp, Sanofi, Pfizer Inc, Walgreens Boots Alliance Inc and Walmart Inc.

MediLedger has submitted a report to the US Food and Drug Administration (FDA) that outlines the benefits of blockchain to combat counterfeit drugs. The Chronicled technology company is the custodian of MediLedger, which provides network management, according to a statement by Susanne Somerville to Reuters.

“We believe that a blockchain solution can prevent counterfeit drugs,”

Somerville said in an interview.

“The intention is to improve the safety of prescription drugs in this country.”

The MediLedger project fights the counterfeit drug market

Medicines identified as counterfeit may be contaminated, contain the wrong ingredient, or have no active ingredient at all. In the past, there have been cases where the market was flooded with counterfeit cancer drugs.

The World Health Organization estimates that counterfeit drugs worth 73 billion euros they are traded annually.

“The current distribution point infrastructure does not have the capacity to keep data synchronized with the healthcare supply chain. This aspect ultimately increases the risk of counterfeit or illegitimate products ”,

said David Vershure, chief of contract management for Roche.

The MediLedger project was created in response to the FDA’s call earlier this year for pilot projects testing an interoperable electronic system.