Nashville Blockchain Meetup - Remedichain
Details
Join Dr. Phil Baker from RemediChain/Good Shepherd Pharmacy.
Sponsorship Opportunities Available - Live Event/Livestream/Podcast
Remedichain is developing a blockchain solution to address the financial and environmental problems of prescription waste. Across the nation, over $100 billion worth of medication is destroyed each year. REMEDICHAIN accepts donated prescription medication and puts it in the hands of patients who would not otherwise afford it.
DONATED MEDICATION FOR THOSE WHO WOULD NOT OTHERWISE AFFORD IT
Coined as "America’s Other Drug Problem: Wasted Medicine"
upwards of 20 percent of medications that are manufactured are destroyed.
The Financial Problem
32 million Americans report they did not pick up their prescriptions because they could not afford them. At the same time, 20% of all filled prescriptions end up being thrown away. The top twenty oral chemotherapy mediations can range from $30,00 to $45,000 for a 30-day supply. These medications are some of the most commonly wasted prescriptions as upwards of 40% of cancer patients expire before taking their full prescription.
The Environmental Problem
The Environmental Protection Agency estimated in 2015 that about 740 tons of drugs are wasted by nursing homes each year. No one tracks this waste nationwide, but estimates show it's substantial. Colorado officials have said the state's 220 long-term care facilities throw away 17.5 tons of reusable drugs every year, with a price tag of about $10 million.
Our Solution
How does blockchain provide access to medication? In its broadest terms, blockchain offers end-to-end traceability and visibility from the point of origin along the whole supply chain, which allows users to trace single product items within a case. Capitalizing on this new frontier in logistics, Remedichain intends to use blockchain as a means to retrieve unused, high-value medications from patients and pass them on to economically disadvantaged patients who would not be able to regularly afford them. Blockchain’s transparent, secure and immutable ledger allows for a safe and confidential distribution of medical information.
About Good Shepherd Pharmacy
Good Shepherd is a nonprofit pharmacy designed to meet the needs of people who can’t afford their medications. The GoodShepRx membership program provides access to at-cost or donated medication to over 1,000 vulnerable patients with chronic conditions. In 4 years Good Shepherd Pharmacy has dispensed over $15 Million worth of donated prescription medication to vulnerable patients in Tennessee. In 2017, Good Shepherd Pharmacy gained national recognition for the creation of a prescription repository which accepts prescription donations from any individual in the United States. In 2018 the team launched RemediChain, a blockchain platform that connects people who wish to donate unopened chemotherapy drugs to those who would not otherwise be able to afford their life-saving medication.
About RemediChain
RemediChain is a consortium of prescription donation programs and colleges of pharmacy dedicated to tracking prescription drug waste and resolving the financial and environmental problems associated with it. RemediChain members post donated prescriptions to a decentralized ledger to create a virtual inventory of donated prescriptions across the country. The RemediChain ledger matches medication donations with vulnerable patients while ensuring the highest levels of traceability. The virtual inventory is made available to a national network of facilities dedicated to serving vulnerable patients. RemediChain is a member of Tokenize Tennessee, a trade organization focused on realizing the full potential of emerging technologies to drive a new era in the state. For more information, visit https://www.remedichain.com.