Chronicled and Deloitte announced that they have formed an alliance to bring blockchain-powered solutions to the life sciences and healthcare industry. The partnership aims to leverage technology to provide interoperability, security and efficiency to processes involving companies in revenue management and the pharmaceutical supply chain.

The alliance also includes a solution to help combat counterfeits and fraud in the medication used for the treatment of COVID-19, an issue that has increased dramatically since the start of the pandemic. According to the enterprises, the product verification capabilities of Chronicled’s MediLedger Network, a blockchain-enabled network for the life sciences industry, could enable pharmacies and hospitals to authenticate high risk or suspect products. It works through a barcode scan that validates product data against the original manufacturer’s data.

The companies stated the network already enables verification by pharmaceutical wholesalers for moe than 95 percent of drugs being re-sold in the US.

“Chronicled has the potential to radically reshape the way product is tracked and managed within the health care ecosystem,” said David Carlson, managing director, Deloitte Consulting LLP and leader for the Chronicled relationship. “As the life sciences industry moves quickly to get innovative therapies to market during this critical time, stakeholders are looking for solutions that enhance pricing transparency while creating an efficient mechanism to exchange product use and financial information. Chronicled is an important player in the effort to better collaborate across the value chain and Deloitte is well positioned to drive large scale industry transformation.”

In addition to product verification, Chronicled also said it plans to launch a second solution called Contracts & Chargebacks. This feature is designed to eliminate disputes, improving cash flow and identify revenue leakage in the chargeback process between manufacturers, distributors and group purchasing organisations. The system will help companies transact and share data with each other and avoid delays, inaccuracies, poor customer service and lost revenue, said the enterprises.

Susanne Somerville, Chief Executive Officer of Chronicled concluded: “Combining Chronicled’s innovative product verification and contracts and chargebacks solutions and Deloitte’s deep experience with implementation and the complexities of these business processes, we have the ability to create tremendous value for the industry and the world.”