MEDICATION RECLAMATION PROGRAMS
The Power of Blockchain and Medication Reclamation Programs
There is a technology that has been making some noise recently, and it has been growing in popularity and use across multiple industries. That technology is referred to as blockchain, and it has the potential to be game-changing n the world of Pharma. Industry leaders are already focusing on how blockchain technology can have an impact on product recalls, identifying counterfeit drugs, and reducing medication waste.
The team at RemediChain is currently working toward being the first to leverage blockchain technology to create a surplus medication database with shared governance. A cryptographically-protected, immutable database generated through blockchain technology will serve as a single source of truth for surplus medication, a trusted data lake for this precious information. No single institution or government agency will exercise unilateral control over the database as it is governed by an international consortium of universities and charity pharmacies dedicated to the study of surplus medication.
As a blockchain-based supply chain for surplus medication, the RemediChain Platform will lay the foundation for a trusted network that can be implemented and scaled with greater security and even higher resistance to single-point failure than a traditional cloud-based system. The consensus mechanism of this blockchain is proof of authority (PoA); thus, every member of the consortium is putting their reputation on the line to back the safety of the platform and the reclaimed medication therein. Our goal is to make the RemediChain Consortium the trusted authority in the study of surplus medication and prescription waste, and the blockchain safety certification endorsed by the consortium the gold standard for the safety and provenance of reclaimed medication worldwide.