By
Godfrey Benjamin
April 12th, 2024
Digital Healthcare company is to prevent the overuse of prescription medication and counterfeit drugs by building a transparent tracking system on the blockchain.
The pharma industry in the U.K. recognizes that overprescription of medicine has become a major concern. Nothing can stop a patient from ordering medicine from a website, and then move on to another site and order the same medicine again. This is where MediConnect enters the scene. Powered by blockchain technology, the idea of the project came after realizing that only a decentralized system has viable chances of stopping overprescription of medicine.
A Transparent Tracking System for Prescription Drugs
Tracking prescription drugs ordered online is a challenging endeavor. Powered by Stratis DLT, MediConnect aims to create a decentralized system targeting multiple pharma parties including manufacturers, logistics companies, wholesalers, prescribers, pharmacies and patients. One of the main objectives of the project is to develop a transparent payment gateway and drug provenance platform.
The MediConnect project will be backed up by two well-known online pharma companies in the United Kingdom: healthcare provider, Tower Health and medicine supplier, UK Meds. Following the completion of the initial coin offering, these two companies will use the Mediconnect blockchain – based solution via the Stratis DLT. This will see them taking part in a real world trial with a combined database of 360,000 patients and 50,000 plus new transactions each month.
Founder of UK Meds states that “this blockchain solution can offer new opportunities to the consumer in terms of how they transact and how they manage their own medical data, it also provides a gold standard in patient safety and duty of care”.
The benefits of using MediConnect will cater to an entire pharma ecosystem. Manufacturers, for example, will be able to create drug serial codes and register them on the blockchain via smart contracts. Online pharmacies will have the chance to reduce fraudulent prescriptions and develop a healthier relationship with suppliers and manufacturers.
CEO and Founder at Stratis, Chris Trew highlights:
“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.”
Saying No to Prescription Medication Abuse
Used as a payment gateway, MediConnect will leverage its proprietary MEDI token to enable access to patient data, as well as registering, storing and accessing prescriptions in an enclosed environment with zero fees.
At the core of the MediConnect platform lie two blockchains: a private blockchain meant for storing confidential information pertaining to patients and medication provenance, and a public blockchain that will enable seamless MEDI token transactions. Both will be built on the Stratis DLT for fast and transparent deployment and prototyping.
In order to track and monitor medicine and prescription drugs along the supply chain, participants will have to register on the MediConnect private blockchain. Following this step, drug manufacturers will create unique serial batch codes for their medicine that will be registered and then tracked on the blockchain.
Following the completion of the ICO and launching a pilot project in collaboration with UK Meds, and Tower Health, more Pharmacies can be brought on board via the Addiction Safeguarding Committee. The end goal is to connect U.K.’s pharma world in one place and tackle multiple challenges linked to drug addiction, overprescription, and data transparency in healthcare.
The MediConnect private sale is live until Feb. 6, 2019. A bonus of 20 percent will be offered for early adopters. On Feb. 20, the platform’s public ICO will begin, and there will be 500 million MEDI tokens available for sale.