A source recently has mentioned that the largest pharmaceutical companies, like Pfizer Inc and Eli Lilly and Co, took an initiative to <a href="https://www.reuters.com/article/us-usa-healthcare-blockchain-idUSKBN20F29L?taid=5e5047436831d00001c4cc18&amp;utm_campaign=trueAnthem%3A+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter">develop</a> a blockchain-based system to track the drugs which have been prescribed across the supply chain. The blockchain-based system would help the<a href="https://www.cryptoknowmics.com/crypto/samsung-sds-piloting-blockchain-based-medical-insurance-network/"> companies</a> to investigate counterfeit medicines and stop their flow.
<h2>Two Dozen Pharmaceutical Companies Took Part In Initiative</h2>
The company officials have stated further that around two dozen pharmaceutical companies build up a MediLedger Network which is based on blockchain. The developers of the networks i.e., drugmakers, distributors, retailers and delivery firms, have tested the Network while verifying the returned drugs.

While talking about counterfeit drugs, the chief executive officer at the technology company Chronicled, Sussane Somerville, told the Reuters,
<blockquote>“Even though the drug supply in the United States is safe, there are small percentages ... of potential counterfeit drugs. Certainly, there’s a lot of evidence of diverted drugs.”</blockquote>
Somerville further mentioned that in the third world countries the counterfeit drugs have been a big problem. The companies like Amgen Inc, FedEx Corp, GlaxoSmithKline Plc, and many others have come together and developed the<a href="https://www.cryptoknowmics.com/crypto/kamari-and-zeu-to-deploy-blockchain-based-saas-infrastructure-for-healthcare/"> blockchain-based system</a> to find out counterfeit drugs.
<h2>WHO Report</h2>
A report by the World Health Organization (WHO) stated that every year around $79.26 billion worth of counterfeited medicines are traded across the world.  The blockchain system could help in identifying counterfeited medicines which were either contaminated or contained wrong ingredients or the ingredients used for making medicines were not active at all.

Recently, David Vershure, the head of channel and contract management for Roche’s Genentech unit has stated that although a system has been generated to find out counterfeit medicines, but presently, it did not have the ability to sync the data across the healthcare supply chain and because of which the risk for counterfeit medicine increase.

The MediLedger Network has been designed to prove whether the result shown by the drug identifier is authenticated or not and while doing so, it would not share the proprietary data openly on the blockchain.

Pharmaceutical Companies Develops MediLedger Network To Find Counterfeit Drugs

The largest pharmaceutical companies took an initiative to develope a blockchain-based system to track and stop the flow of counterfeited drugs.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Pharmaceutical Companies Develops MediLedger Network To Find Counterfeit Drugs

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