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Online pharma company seeks to leverage blockchain solutions to boost transparency in the pharmaceutical industry.
With over 80 million medicines prescribed dispensed monthly in England alone, reports say over 50% of drugs sold online are counterfeit needed. Due to the lack of verification mechanisms in place, quality can’t be guaranteed.
New blockchain-based project MediConnect seeks to leverage Stratis DLT technology to develop a transparent system for tracking and recording all medicines, regardless of their nature. In the United Kingdom, UK Meds is one of the country’s largest and fastest growing online suppliers of prescription drugs with a user base above 200,000 and over 1,000 prescriptions issued daily. However, the source of the medicines can’t be tracked.
Superintendent Pharmacist for UK Meds Shyam Morjaria says that "the Mediconnect solution guarantees that medication we supply is from a verified source and it will give the Pharma industry and patients alike, complete confidence and peace of mind".
Transparency enters the pharmaceutical industry via blockchain
In the U.S., pharmaceuticals are a $466 billion industry, according to a recent report performed by Statista. The MediConnect solution tackles common concerns linked to transparency when buying or selling prescription drugs and other medications. The project’s unique value proposition is MEDI, its proprietary token, which will work as a unit of value.
MediConnect will encompass two types of blockchains: a private blockchain for storing confidential information such as patient data and medicine provenance; and a public blockchain for handling MEDI transactions when buying medication. Both blockchains will leverage the Startis Technology stack for fast prototyping and deployment. MEDI tokens will be required for funding transactions linked to the MediConnect platform. As an instrument of value linked to the MediConnect Payment Gateway, users won’t have to use any traditional payment gateways, which removes fees associated with credit cards and currency conversions.
The blockchain-based solution proposed is meant to change and improve the process of buying and selling medication in the U.K. Some of the main objectives of the project is to reduce addiction, prevent medicine over-prescription in pharmacies, and trace pharmaceutical manufacturers while also removing counterfeit medicine from the market.
A fully decentralized safety net in the pharma world
Founder and CEO at Stratis, Chris Trew, mentions that “this is an exciting time for Stratis. MediConnect will become another customer of Stratis, utilizing our consultancy services to build and deliver a bespoke blockchain solution set to revolutionize the medical industry.”
Removing counterfeit medication is nearly impossible when centralized systems are set in place. MediConnect is looking to become a fully decentralized safety net for patients, pharmacists, and drug manufacturers; the end goal being to put an end to drug abuse and ensure that anyone shopping online buys legitimate, genuine medicine. Through the use of the MediConnect blockchain solution, patients are guaranteed proper treatment. Pharmacists and physicians will be able to track prescriptions, as well as the provenance of the medication ordered.
Following the initial coin offering (ICO), MediConnect plans to collaborate with UK Meds and Tower Health & Pharmacy, two well-known online pharmacies in the U.K. The blockchain-based solution will be based on a trial that will enable 360,000 patients to store their data on the blockchain and be sure their private information is kept safe, secure, and updated in real-time.
MediConnect will also launch a live pilot project in Q2 of 2019 in collaboration with Addiction Safeguarding Committee (ASC). The contract between the two companies will target NHS prescribers and pharmacies, as well as independent contractors in the East Midlands; the purpose being to identify, report, and analyze local health authorities and tackle drug addiction challenges through the use of higher quality data in the local community.
The MediConnect private sale started on Jan. 16 and will end on Feb. 6. Following this phase in the ICO, the public sale will begin on Feb. 20 and will end on April 3. There will a private sale cap of $10 million and 500 million MEDI tokens made available.