Chronicled, the technology company behind a leading pharmaceutical blockchain network MediLedger, and Amici Pharmaceuticals announced a partnership to streamline pricing alignment and ensure first time charge-back accuracy on the MediLedger Blockchain Network.
"Bottom line, MediLedger offers the generic industry an opportunity to create a healthier supply chain, and we wanted a part of it," said Sandy Greco, CEO of Amici. "Regardless of the size of your organization, the common errors we experience surrounding charge-backs and contracts cost our industry money and hinder our ability to deliver medication safely and effectively to the patient." said Sandy Greco, CEO of Amici.
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"Drug manufacturers will always share the goal of providing quality products to help people get better. However, what gives Amici a competitive advantage is that we place an equal emphasis on the quality of our service to the marketplace," said Corey Greco, vice president of sales and marketing at Amici. "Utilizing the MediLedger network provides our staff the ability to focus on service and growth, rather than reconciling errors and putting out fires. In the end, these problems increase our operational costs which ultimately impact drug pricing.
Greco continued, saying, "We believe the value MediLedger provides will increase in parallel with the growth of our company, but what excites us most is that we plan to be a strategic partner with Chronicled to develop new uses for MediLedger utilizing blockchain technology in the future. We believe rosters, contracts and chargebacks is only the start of blockchain's potential, so we expect our partnership with Chronicled to strengthen year over year as they innovate with new uses for MediLedger."
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Today, the MediLedger Network aligns trading partners in real time on pricing contracts, eligible customer lists and customer identity data, such as HIN, DEA and 340B identifiers. This data is then used by blockchain to automatically enforce charge-back accuracy, eliminating most of the errors and escalations that create manual effort for suppliers, the company said.
"We are thrilled to have Amici Pharmaceuticals and their experienced team led by Sandy and Corey Greco join the MediLedger Network," said Susanne Somerville, CEO of Chronicled. "We see this as further validation that pricing alignment and charge-back inefficiency impacts all organizations from small to larger, brand to generic, and that all can now benefit from blockchain innovation."