The pharmaceutical cold chain is unique in that temperature fluctuations have a direct impact on the health and well-being of patients, not to mention the estimated $15 billion in lost revenue due to product losses every year.
The partnership will initially focus on exploring the integration and deployment of Modum’s MODsense One cold chain solution and the MediLedger network. However, the possibilities for collaboration extend beyond, including potential innovation in anti-counterfeiting, provenance of goods and serialization – with blockchain technology as the common denominator.
Modum and Chronicled both agree that the authenticity and immutability benefits of blockchain make it uniquely suited to be the backbone of the pharmaceutical cold chain given the sensitivity of drugs to changes in environmental conditions.
Chronicled is the custodian of the MediLedger Network: an open, decentralized and industry owned blockchain-based network serving the Pharmaceutical and Life Sciences industry. It is already in commercial use for Product Verification, where 95% of all drugs resold in the US will be verified using the MediLedger Network.
Photo by Charles Deluvio on Unsplash