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Pfizer, 3 Others Join MediLedger Blockchain Project To Improve Chargebacks

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Drug major Pfizer Inc. and three other life sciences and healthcare companies joined Chronicled, Inc.'s MediLedger project for a blockchain network to improve chargebacks in the pharma industry. The project is expected to enable healthcare participants to operate more efficiently, as well as reduce the cost of patient care.

McKesson Corp., AmerisourceBergen Corp., and Premier Inc. are the other companies who have joined the MediLedger Project Contracting and Chargebacks working group.

With the new blockchain project, Chronicled, a San Francisco-based provider of blockchain-powered ecosystems and supply chain solutions, aims to improve the complex process of chargebacks, which are payments from manufacturers to distributors in certain situations.

The design work on the MediLedger protocol is underway, and the company aims to begin testing this protocol in the third quarter of this year.

MediLedger's open protocols are generally available, reducing aspects of vendor lock-in, and it has no super user access, including Chronicled, the network manager.

Susanne Somerville, Chronicled's CEO, said, "This is what makes the project so special. It's distributed, it's decentralized, and the data is private. Even though Chronicled is providing the technology, industry users operate the software themselves."

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