PharmaLedger and GLIEF have published a joint press release regarding their collaboration to establish a Legal Entity Identity (LEI) in PharmaLedger’s platform.
PharmaLedger partnered with the Global Legal Entity Identifier Foundation (GLEIF) to establish a Legal Entity Identifier (LEI), which is now a critical aspect of PharmaLedger’s blockchain platform. This collaboration supports building and establishing a Digital Trust Ecosystem (DTE) in the healthcare industry, while also benefiting all stakeholders involved – from manufacturers to patients.
The verifiable LEI (vLEI) enables digital trust by optimising the operational efficiency of the healthcare sector. This digital version of an LEI allows the exchange of documentation of various use cases, including information regarding patient health, clinical drug trials, and supply chain partnerships. Make sure to read the official GLEIF and PharmaLedger press release and watch GLEIF’s latest video regarding this collaboration below.
What is a Legal Entity Identifier (LEI)?
To help you understand what a Legal Entity Identifier (LEI) is, read the explanation provided by GLEIF:
“The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions… Simply put, the publicly available LEI data pool can be regarded as a global directory, which greatly enhances transparency in the global marketplace.”
An LEI can be thought of as a digital international company ID card that can be verified by anyone quickly compared to existing solutions. It gives global credibility to the registered company and reveals the ownership structure and important information about the legal entity.
PharmaLedger’s Use of vLEI and the Benefits
The digital LEI, vLEI, will be used by PharmaLedger to verify participants in the PharmaLedger blockchain. It will also identify the manufacturers of digital medicine leaflets for the electronic Product Information (ePI) use case. Through this use case, patients can scan a medicine box using their smartphone to get the latest digital product leaflet via a mobile application. With vLEI, patients can be certain that the leaflet contains clinically relevant information that is up-to-date, and the vLEI system allows faster and more efficient medicine leaflet approval.
Another advantage of the use of vLEI is the possibility of instant onboarding of potential partners for PharmaLedger’s blockchain platform, as long as the potential company/entity is also registered under the vLEI, which creates a root of trust. The exchange of healthcare information or other sensitive data can also occur securely, safely and digitally (given that the governance and the rules of exchanging data comply in this example).
PharmaLedger’s Industry Product Lead Daniel Fritz (Novartis) states in the joint press release, “All blockchain-based data is immutable, of course, but now that we have the vLEI, we can also be sure that there are no false companies onboarding and initiating transactions. It also gives participants the opportunity to create trading relationships almost instantaneously, since everyone is armed with a hallmark of trust.”
Make sure to read the full press release for further details of this exciting partnership between PharmaLedger and GLEIF.