RemediChain
Hospital & Health Care - , Tennessee, United States
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RemediChain Senior Management
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RemediChain uses blockchain technology to address the financial and environmental problems of prescription waste and connect individual medication donors with patients in need. The Financial ProblemAcross the nation, more than $100 billion worth of medication is destroyed each year. At the same time, 32 million Americans report they did not pick up their prescriptions because they could not afford them, and 20 percent of all filled prescriptions end up being thrown away. The top 20 oral chemotherapy medications can range from $30,000 to $45,000 for a 30-day supply. These medications are some of the most commonly wasted prescriptions, as upward of 40 percent of cancer patients expire before taking their full prescription.The Environmental ProblemIn 2015, the EPA estimated that about 740 tons of drugs are wasted by nursing homes each year. In 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 SolutionIn 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 technology, RemediChain intends to use blockchain as a means to retrieve unused, high-value medications from patients and pass them to economically disadvantaged patients who would not be able to regularly afford them.
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