Pharma Companies Using Ethereum To Crackdown Counterfeiting Drugs

Counterfeiting expensive medicines has become a daily occurrence these days. Many leading pharmaceutical companies have been targeted by phony goons and caused whopping losses that add up to millions of dollars. The thing about this sort of incidents is that they don’t even cause losses to the pharma companies but also jeopardise the health of millions of patients who consume these medicines on regular basis. To crackdown such serious crimes, two of world’s leading pharmaceutical companies, Pfizer and Genentech have come forth with a new blockchain project called MediLedger. MediLedger is a blockchain platform built on top of the Ethereum blockchain. It has been devised with a soul aim to prevent counterfeit drugs and medicines to enter their supply chains at any costs.

Pfizer which happens to be the world’s largest pharmaceutical company has been on the main target of the counterfeiters for the past several years. Many of its medicines have been counterfeited and are sold to the patients. Most of the counterfeited versions were reported to be of medicines related to ED such as VGR100 and PD156. These fake medicines are prepared under highly unhygienic and unregulated conditions and are forced to the supply chain of Pfizer. The fake meds are created in such a way that it’s hard to tell which one is fake and which one is authentic. Some of these medicines even contain extremely harmful substances like pesticides.

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What Is MediLedger Project?

As revealed by Fortune, MediLedger is an Ethereum based smart ledger program that enforces high speed, high throughput, high privacy and flexibility. It is powered by a blockchain project called Quorum. The latter is an enterprise-oriented smart contract platform based on Ethereum and is developed and maintained by JP Morgan group.

As a matter of fact, this happens to be the first commercial implementation of JP Morgan’s Quorum platform ever since its inception in October 2016.

The Project Progress

The magazine also reveals that MediLedger will go through a series of pilot tests that will be conducted by the developers for the next few months. The team of developers behind the project is currently studying and analysing the supply chain of the two pharma companies. It will be quite a challenge for the developers to replicate a supply chain as big as Pfizer and Genentech. It will require the development of sophisticated tools to address the scalability issues that may arise while dealing with a large number of data points on regular basis.

The world’s leading supply chain groups like LinkLab have been appointed in collaboration with the blockchain group called Chronicled for carrying out various testings and developments at different stages.