Forbes has written a news feature on the PharmaLedger project.
Forbes, the well-known leading business magazine, has written a featured article about our project titled “Pharma’s Blockchain Trials: Novartis, Merck Test The Tech Popularized By Bitcoin.” The article introduces Novartis and the PharmaLedger project along with the electronic product information (ePI) use case and anti-counterfeiting features. It then takes a look at the U.S. Supply Chain and how some companies are using blockchain technology to trace information up and down supply chains. The article then goes on to introduce various companies involved in personalised medicine, clinical supply and finished product traceability.
It seems like a long time since Novartis and about six other industry peers submitted a proposal to the Innovative Medicines Initiative (IMI) at the beginning of 2018 for an idea of a project that would envision blockchain-enabled healthcare. Novartis along with 28 partners in the PharmaLedger consortium has come together with $22.1 million in funding from the European Union and the European Federation of Pharmaceutical Industries and Associations (EFPIA) to explore ways in how to use blockchain technology to improve healthcare.
PharmaLedger’s Industry Lead Daniel Fritz (Novartis) says that “blockchain is a team sport” and it’s far too expensive and risky to pursue this through one company alone.
Paper medical product leaflets are outdated and inconvenient in terms of its fine text and often outdated information. PharmaLedger hopes to provide trusted updates in real-time with blockchain technology. Through an app, patients would scan a 2D matrix on a drug package and a real-time updated leaflet would appear for the given drug.
PharmaLedger’s Architecture and Reference Implementation Co-Lead Marco Cuomo (Novartis) stresses that it is very important for the correct leaflet to show. The patient also needs to feel secure that his or her health information stays private. Another benefit of blockchain is that it uses random identifiers so patients don’t have to worry that the medicine they’re using or what diseases they have is being recorded by the app.
PharmaLedger has now entered its second year and it continues to add new capabilities, such as anti-counterfeiting checks. For the app to be tested in pilot markets, governance measures will need to be adjusted with regional and national health authorities. “People don’t have to put up a big investment in order to adapt it and install it,” says Fritz.
We are excited that Forbes has spotlighted PharmaLedger in its article. The 29 partners involved are working hard to build a blockchain-enabled platform, and in addition to the ePi use case falling under the supply chain domain, seven other use cases are on their way in building upon each other to form a safer and more trusted healthcare ecosystem. Along with the four supply chain use cases, we have two use cases under health data and two additional ones under clinical trails.
To find out more about our project and our use cases, rewatch our first webinar recording, which highlights the four supply chain use cases and sign up for our second open webinar that covers the additional four use cases. You can also look forward to the upcoming release of explainer videos for all of our use cases!
PharmaLedger has been recognised as a Forbes Top 50 Blockchain Initiative under the industry leadership of Novartis and the coordination of UPM (Universidad Politécnica de Madrid).
You can view the excerpt below.
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