Chronicled has created several blockchain based applications and solutions. These include MediLedger, a blockchain network for the pharmaceutical industry to enhance the integrity and transparency of the drug supply chain. With participants including Pfizer, AstraZeneca, Johnson & Johnson, Cardinal, McKesson, and Amerisource Bergen, the MediLedger blockchain network is poised to revolutionize the future of life sciences transacting.
By Jeff Pribich, Blockchain Industry Group, and Juli Cooper, Head of Marketing at Chronicled
Jeff Pribich: What was the motivation for starting the MediLedger Network? How did it begin?
Juli Cooper: The MediLedger Network was conceived as a remedy to a glaring problem in the healthcare industry—mounting administrative costs. The industry was pouring a whopping $1 trillion into administration alone, bleeding out $10 billion in revenue loss. This colossal waste was a blow not only to the industry players involved but was also seeping into patient care costs. So, we gathered thought leaders from Big Pharma companies like Pfizer, Roche, and Genentech, the top three distributors, and Group Purchasing Organizations like Premier, to create a workgroup to brainstorm innovative solutions. Thus, MediLedger was born.
Jeff: Tell us more about Chronicled’s involvement in the MediLedger Network.
Juli: As the administrator of the MediLedger Network, Chronicled holds a pivotal role. We’re responsible for managing and maintaining the MediLedger blockchain network. From rolling out enhancements to creating new solutions, we continuously strive to develop the network further. In essence, our mission is to ensure that MediLedger continues to be an effective tool for all industry parties, offering consistent value and support.
Jeff: Can you describe the specific blockchain technology you are utilizing? Is it on an existing platform or a customized blockchain?
Juli: The Chronicled platform is based on Substrate, which is the technology behind Polkadot. We decided to adopt Substrate because it is a modular system–it’s a toolkit that
allows us to include modules and create new modules that fulfill the requirements of the industry. At the same time, the blockchain interoperability technology included in Substrate – i.e. Polkadot – allows the MediLedger Network to be integrated to other blockchain (when needed, in the future). As a note, our Substrate-blockchain is not connected to Polkadot at this time because not yet required by the industry.
Jeff: The Claim Adjudication process has been described as complex and cumbersome. Mediledger has drastically improved this business process. Can you describe how the characteristics of the Mediledger network blockchain have enabled this improvement?
Juli: The MediLedger Network has played a significant role in improving the Claim Adjudication process, which was previously riddled with complexity and inefficiency. Before MediLedger, processes were largely manual and executed in batches, resulting in disjointed data and workflow lags. However, by introducing blockchain to this equation, we’ve been able to automate transactions and instantly settle chargebacks. This has transformed the way industry members process data, moving from staggered batch processing to real-time updates, resulting in a seamless, streamlined workflow.
Jeff: How does the Mediledger network improve the chargeback process?
Juli: The MediLedger Network brings significant improvements to the chargeback process by enhancing data accuracy and efficiency. It ensures alignment of customer master data between trading partners, updating contract and pricing information in real-time. This eliminates the need for traditional EDI methods, reduces chargeback errors and disputes, and minimizes the occurrence of credit and rebills. Overall, the MediLedger Network promotes accurate and real-time data exchange, making the chargeback process smoother and more efficient.
Jeff: Can you describe Mediledger’s success at managing communication on the latest state of a contract between trading partners and its positive impact on disputes and inquiries?
Juli: The key to any successful partnership is clear communication. MediLedger achieves this by acting as the single source of truth throughout the life sciences industry when it comes to customer eligibility and contract pricing. The platform ensures real-time accuracy, putting an end to frustrating disputes born out of misaligned pricing or membership eligibility.
Jeff: Has anything surprised you so far heading up the MediLedger Network?
Juli: One of the most surprising aspects of leading marketing at the MediLedger Network has been realizing the extent of outdated technology still prevalent in the industry. It’s been eye-opening to see how long the industry has relied on the slow, costly, and error-prone Electronic Data Interchange (EDI) introduced back in the 1960s. Transitioning to blockchain has allowed us to experience a faster, more accurate and efficient way of transacting, underscoring the necessity for modernization in the industry.
Jeff: Can you tell us a little more about yourself?
Juli: As the Head of Marketing here at Chronicled, I help get the word out about the MediLedger network and help industry players understand how the network will suit the needs of their unique use case, along with how the platform will enable them to yield significant revenue gains. I strive to bridge the gap between complex technology and its practical implications, helping industry players understand and embrace the transformative potential of our blockchain-powered network.
Head of Marketing