Crypto And Pharma Giants: Pfizer, Eli Lilly, And More Companies Use Blockchain To Trace Fake Drugs
The mainstream adoption of crypto and their underlying tech the blockchain has been one of the main goals of 2019, and it remains the same in 2020 as well.
More companies understood that it’s best to ride the innovation wave rather than ignore it and started using the blockchain. More use cases are great regaring the mainstream adoption.
Mass adoption involved institutional investment, use cases, and easy access to crypto/the blockchain, among others.
Speaking of mass adoption of cryptos, an important move was recently made by Coinbase and Visa this year to support this huge goal.
Pharma giants use the blockchain tech
It’s been just reported that more pharmaceutical giants including Pfizer, GlaxoSmithKline, Eli Lilly, Sanofi, and Roche, have come together to develop a blockchain-based system.
This will secure the supply chain of prescription drugs and track counterfeit medicines, reports Reuters, as cited by the online pubcalition the Daily Hodl.
Testing MediLedger to avoid counterfeit drugs
This project is currently testing MediLedger which is a blockchain-based network that is validating drugs and allows users to trace the authenticity of the raw materials.
The companies are planning to expand the platform this year and they are targeting the whole pharma industry which is valued at $1 trillion.
Counterfeit drugs are not an issue in the US but they are a big problem in the developing countries.
MediLedger is designed to make sure that fake drugs will never become an issue in the US as well.
Susanne Somerville, CEO of MediLedger custodian Chronicled, stated the following:
“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.”
The World Health Organization has already estimated that the healthcare industry is losing around $75 billion on a yearly basis due to counterfeit drugs.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.