FFF Enterprises Launches on MediLedger to Improve Pricing Alignment in Pharma Supply Chain, through Blockchain
Press Release for Tuesday, - Download
SAN FRANCISCO, Nov. 30, 2021 /PRNewswire/ -- Today, FFF Enterprises Inc. (FFF), the industryleading supplier of critical-care biopharmaceuticals, vaccines, and plasma products, and Chronicled, the technology company behind the blockchain-powered MediLedger Network, are pleased to announce FFF Enterprises is live on the MediLedger Network. Through MediLedger, FFF aims to improve pricing accuracy and eliminate chargeback errors among FFF's pharmaceutical supplier and group purchasing organization (GPO) trading partners, while streamlining the procurement process for its dispenser customers.
FFF Enterprises was a founding member of the MediLedger working group for contracting and chargebacks that developed the requirements and protocols for this first-of-its-kind decentralized solution. In the pharmaceutical industry, the contracting and chargebacks process governs pricing discounts offered to dispenser customers across the U.S. and has historically been supported by age-old technology such as EDI and, in some cases, email.
By leveraging modern peer-to-peer communication and blockchain technology in the MediLedger Network, FFF and its partners can align in real-time on customer eligibility and pricing and enforce chargeback accuracy even before chargeback claims are shared with suppliers. This breakthrough technology will lead to the elimination of many pricing errors, chargeback disputes, and inefficiencies impacting cash flow and service levels across the pharmaceutical industry.
"We are always on the lookout for cutting-edge technologies to enhance our customers' experience and reinforce patient safety," said Patrick M. Schmidt, CEO of FFF Enterprises. "By utilizing the blockchain-powered solution on the MediLedger Network, we can work seamlessly with our customers and trading partners to quickly resolve pricing and contract disputes, thereby allowing us to spend more time focusing on patient care."
FFF Enterprises is now encouraging its supplier and GPO partners to join the MediLedger Network to benefit from:
- A single unified view of all GPO rosters and customer identifier data
- Automation of membership and customer evaluation processes
- Alignment of contract pricing eligibility among trading partners
- Elimination of chargeback errors
- Reduction in time spent resolving disputes
- Reduction in revenue leakage
"Over the last three years, FFF has prioritized investing time and resources in innovation, and with the launch of the MediLedger Network, their partners and customers will reap the rewards," said Susanne Somerville, Chronicled CEO. "We share FFF's commitment to driving efficiency and collaboration across the industry and look forward to supporting their partners joining the network."
For suppliers and GPOs interested in learning more about joining the MediLedger Network, contact firstname.lastname@example.org.
About FFF Enterprises, Inc.
Founded in 1988, FFF Enterprises Inc. is a privately held, multibillion-dollar specialty pharmaceutical distributor specializing in plasma products, rare and orphan drugs, and vaccines. FFF Enterprises is the parent company to leading specialty infusion pharmacy Nufactor, Inc., as well as InCircle, LLC and MinibarRx, LLC dba RightNow Inventory Product Management Solutions. Our partners include global pharmaceutical and biologics manufacturers, prestigious healthcare systems, large and independent retail pharmacies, and leading alternate care sites. Our nationwide commerce is supported by a network of distribution and infusion pharmacy locations utilizing world-class technology and cybersecurity solutions.
San Francisco-based technology company Chronicled enables automation, trust, and automatic settlement for intra-company transactions in the Life Sciences and Healthcare industry. Through its industry-leading blockchain-powered MediLedger Network, Chronicled offers trading partners an optimized way to manage revenue, automate manual processes, and eliminate revenue leakage, while ensuring pricing accuracy and efficiency for health care providers and dispensers. www.chronicled.com.