News

Modum and Chronicled Collaborate to bring Value to the Pharma Supply Chain

News

Modum and Chronicled Collaborate to bring Value to the Pharma Supply Chain

Business

February 25, 2020

Modum and Chronicled collaborate on opportunities to bring value to the pharmaceutical supply chain, utilizing the blockchain based network - MediLedger. The two companies are pleased to announce that they will be exploring opportunities to bring transformative change to the pharmaceutical supply chain leveraging blockchain based solutions coupled with IoT sensing. Both companies bring their respective expertise to the table – ranging from supply chain automation to the creation of decentralized industry networks.

The pharmaceutical cold chain is unique in that temperature fluctuations have a direct impact on the health and well-being of patients, not to mention the estimated $15 billion in lost revenue due to product losses every year.

The partnership will initially focus on exploring the integration and deployment of Modum’s MODsense One cold chain solution and the MediLedger network. However, the possibilities for collaboration extend beyond, including potential innovation in anti-counterfeiting, provenance of goods and serialization – with blockchain technology as the common denominator.

Modum and Chronicled both agree that the authenticity and immutability benefits of blockchain make it uniquely suited to be the backbone of the pharmaceutical cold chain given the sensitivity of drugs to changes in environmental conditions.

Chronicled is the custodian of the MediLedger Network: an open, decentralized and industry owned blockchain-based network serving the Pharmaceutical and Life Sciences industry. It is already in commercial use for Product Verification, where 95% of all drugs resold in the US will be verified using the MediLedger Network.

 

Photo by Charles Deluvio on Unsplash