Pfizer Inc. has teamed up with a host of other pharmaceutical companies in the U.S. to create a blockchain network from which the pharmaceutical and health industries can benefit.

A recent press release mentioned the AmerisourceBergen Corporation, Premier Inc., Pfizer Inc., and the McKesson Corporation amongst the group of companies coming together for the MediLedger Project.

Chronicled Inc., a blockchain company based in San Francisco, started MediLedger to help reduce their overall costs and enhance their efficiency in the sharing of data. Many companies are claiming that this solution will help to automate the chargeback process and contract reconciliations.

Disputed or canceled transactions, also known as chargebacks, aren't uncommon for supply chains where there are multiple parties involved in the payment process.

According to the official statement, the network has successfully created a protocol involving the saleable return of drug verifications. More importantly, the procedure is compliant with all regulations outlined in the Drug Supply Chain Security Act of 2019.

After being asked about the cooperation, Maurizio Greco, the CTO for Chronicled Inc., recently commented, "we can design [the blockchain system] so only the license holder can create records for its own products, for example. This may seem like a simple illustration, but it is revolutionary."

The healthcare industry has been investing more money and time into blockchain developments. These changes are even happening at the federal level. HMS Technologies Inc. recently revealed its intention to integrate a blockchain platform into several of their health initiatives that operate from a federal level. This change is purported to reduce the costs of healthcare and improve accessibility for many patients.

Gil Medical Center, a healthcare company based in South Korea, recently reached a deal with a data marketplace for the healthcare industry. Longenesis has agreed to help the company build a management solution for all of their health data that will be based on a blockchain platform. This is intended to enhance the speed and accuracy of data collection, ensure the transparent and honest management of data, and improve the medical process overall.