How life sciences can win with blockchain

Team Medicine
How life sciences can win with blockchain
IBM Institute for Business Value
survey conducted by
The Economist Intelligence Unit

How IBM can help
As one of the world’s leading research organizations, and one
of the world’s top contributors to open source projects, IBM
is committed to fostering the collaborative effort required to
transform how people, governments and businesses transact
and interact. IBM provides clients the blockchain technology
fabric, consulting and systems integration capabilities to design
and rapidly adopt distributed ledgers, digital identity, blockchain
solutions and consortia. IBM helps clients leverage the global
scale, business domain expertise and deep cloud integration
experience required for the application of these technologies.
Learn more at ibm.com/blockchain.
IBM enables life sciences companies to strategically define,
develop and commercialize solutions that facilitate research and
development (R&D) innovation, help enhance quality of care and
help improve healthcare cost efficiencies. IBM solutions, powered
by Watson Health, can assemble the available data assets with
knowledge-and data-driven analytics and create clinical, scientific
and economic evidence to address multiple needs. IBM can
play an integral part in enabling life sciences organizations as
they seek to increase R&D productivity; drive growth; and enrich
relationships among life sciences companies, payers, providers
and patients. For more information on IBM data, analytics and
solutions to address critical business issues in the life sciences
industry, visit ibm.com/lifesciences
Executive Report
LIfe Sciences and Blockchain

Executive summary
The IBM Institute for Business Value surveyed 205 life sciences executives in 18 countries.
The study, conducted in collaboration with the Economist Intelligence Unit (EIU), included
chief financial officers (CFOs), chief technology officers (CTOs) and chief information officers
(CIOs). Those participating had to meet specific criteria: they were either working with — or
planning to work with — blockchains in the next 12 months, and they needed to be familiar
with the blockchain strategies of their organizations.
In our analysis of responses, we focused on First Movers:
• “First Movers” — These are the life sciences companies that are making the initial forays
into blockchain. Twenty percent of life sciences executives surveyed said they are working
with and investing in blockchain now. They expect blockchain to accelerate internal
transformation, improve their ability to access secure, accurate information and enhance
collaboration with other members of the healthcare and life sciences ecosystem.
• New business models and benefits — First Movers expect to see significant reductions in
cost, time and risk, as well the opportunity for business model innovation across four areas:
regulation and compliance, intercompany processes, patient empowerment and end-to-
end serialization (E2E).
More efficient and secure
Life sciences organizations are eager to take the next
steps toward better patient outcomes and service
delivery. However, antiquated and inefficient processes,
along with regulatory concerns and an inherent caution
in applying new technologies, have combined to cause
life sciences to trail other industries in exploring the
potential of blockchain. By providing faster access to
trusted information, better collaboration and increased
transparency, blockchain could go a long way to help
transform life sciences in such areas as personalized
patient engagement, reduced counterfeit medicines
and more effective research and development (R&D).
1

• Disruption potential — For life sciences First Movers, our survey reveals that disruption is
possible across three completely different areas: revenue management, adverse event
tracking, and outcome-based contracts. All of these are currently being transformed
across the industry.
Life sciences organizations face different challenges than those in many other industries
when implementing new processes and technologies. The industry is highly regulated, and
significant geographical differences exist in the degree of regulation. Therefore, as life
sciences companies proceed upon their pathways to blockchain, they must consider how
fast should they move, whether network-wide standards are possible and how new delivery
models can be initiated.
20 percent of life sciences industry
executives surveyed, the First
Movers, are working with and
investing in blockchain today
Nearly 70 percent of all life sciences
executives surveyed expect to have
a blockchain network in production
by 2020
7 in 10 of First Movers anticipate
that blockchain will help introduce
new business models and transform
patient engagement
2 Team Medicine

Life sciences First Movers – who they are and what
they expect
While executives in life sciences profess a keen interest in developing blockchain solutions,
the expected time frame for doing so trails the first wave of industries we surveyed: banking,
financial markets, healthcare, government and electronics. As a collective, 15 percent of
organizations in those industries — the Trailblazers — planned to have commercial blockchain
solutions at scale by the end of 2017, and a significant majority said they expected to have
such a solution in production by 2019 (see Figure 1).
Figure 1
Playing catch-up: Life sciences industry adoption rate compared to first wave of industries (banking, financial markets,
healthcare, government, electronics)
2017 2020
Trailblazers
15%
Mass adopters
53%
2018 20212019
Life sciences
59%
31%
First-wave industries
32%
10%
Followers
3

Even though 20 percent of life sciences organizations surveyed indicated they are working
with and investing in blockchain now, the path to commercialization is expected to be slower
than the first wave of industries. As the green curve in Figure 1 shows, 10 percent of life
sciences organizations plan to have fully functional blockchain solutions in place by 2019,
and almost 70 percent expect to have programs in production by 2020.
Differences also exist in the adoption of blockchain solutions among the various subsectors
of life sciences. Biotechnology companies, pharmaceuticals and generic manufacturers
account for almost 80 percent of First Movers within life sciences. Medical technology,
contract services (research, clinical, manufacturing) and academia make up most of the
remaining First Movers.
For those companies ready to begin implementing solutions, blockchain has the potential to
provide a more transparent and secure way to conduct business, resulting in consensus,
provenance, immutability, finality and efficiency — all of which are areas in which life sciences
organizations have room to improve.
Reducing the frictions that impede progress
In our initial blockchain study, we defined three friction domains that blockchains can help
overcome: information, interaction and innovation (see Figure 2).1
Growth requires a steady
march against friction. Today, friction adds costs and remains a drag on global business. It
has the power to slow progress and sometimes stop it cold.
2 | Interaction
Transaction costs
Degrees of separation
Inaccessible marketplaces
1 | Information
Imperfect information
Inaccessible information
Information risks
3 | Innovation
Restrictive regulations
Institutional inertia
Invisible threats
Frictions
Figure 2
Frictions framework: Blockchains are expected to greatly reduce
nine frictions.
4 Team Medicine

We asked life sciences First Movers to identify, from among these three domains, the top
frictions they expect to have the greatest impact on their organizations. They selected
institutional inertia, imperfect information and degrees of separation. (see Figure 3).
Figure 3
Freefall: Top three frictions life sciences First Movers expect to diminish using blockchain
73% | 48% 72% | 58%
Imperfect information
Decision making impeded by
inaccurate, misleading or
incomplete information
Institutional inertia
Legacy systems and bureaucratic
processes that slow down the
ability to innovate and adapt
% 24%
more
71% | 58%
Degrees of separation
Multiple intermediaries exist that
slow down transactions between
parties in your business network
First Movers All others
22%
more
52
more
%
Life sciences First Movers stand out in their expectation that blockchain will help overcome
institutional inertia. Restrictive regulations, bureaucracy and legacy processes are primary
reasons for inertia. Interestingly, institutional inertia ranks among the top three frictions in only
one other industry we surveyed: government. Both life sciences and government march in
lockstep with the regulations and processes that bind them, which makes transformation
much more difficult than in many other industries.
5

It isn’t surprising that First Movers see blockchain impacting imperfect information. In life
sciences and healthcare, much patient and clinical data is digitized. But risk and regulations
keep many organizations from sharing data. The lack of interoperability standards further
shuts down the exchange and accessibility of information. Finally, even where data is shared,
too often it isn’t trusted — in part because it is incomplete or may include errors that result
from the manual re-entry of data. Verifying data increases costs and delays.
Life sciences was the only industry surveyed in which degrees of separation was ranked
among the top three frictions. Multiple intermediaries, such as medical distributors, slow
down transactions among various entities within the large and complex life sciences/
healthcare network. But, perhaps, the biggest issue is that life sciences companies do not
have direct access to the ultimate consumers of their products. They often have to buy the
data they need.
Being distanced from the end-user also is a significant contributor to a general lack of trust in
the industry. Pharmaceuticals, in particular, struggle with consumer trust. More than 80
percent of people surveyed in one report say pharmaceutical companies put profits over
people, and a similar number prefer governments more tightly regulate the industry.2
Not every life sciences organization should respond to blockchain technology the same way.
For some, blockchain technology can be transformational. Others, however, may see varied
benefits. How individual organizations respond will depend on their individual circumstances
and needs. As with any new, potentially transformational technology, there is no “one-fits-all”
approach. However, the plans, priorities and investments of the First Movers now working and
investing in blockchain can provide a high-level blueprint for others to follow.
6 Team Medicine

New benefits and business models
Slow, antiquated processes that are inefficient and expensive, along with the industry’s failure
to fully embrace digital technology, make life sciences prime for disruption from outside
influences. Such sources as new competition, customer expectations/engagement, shifting
focus, changing regulations and innovation have the potential to significantly impact the
industry. Blockchain can be a solution that helps life sciences organizations mitigate some
of these disruptors.
Life sciences executives recognize that blockchain technology has the potential to provide
benefits, such as the reduction of cost, time and risk, as well as open opportunities
for new business models to emerge. Approximately seven in ten First Movers anticipate the
highest blended benefits (cost, time, risk) to accrue in three areas: regulation and compliance,
intercompany processes and patient empowerment. And they expect new business models
to emerge in three areas: patient empowerment, E2E serialization, and regulation and
compliance (see Figure 4).
Figure 4
Blockchain benefits and business models: First Movers see impact across six areas
Blended benefits
(cost, time, risk)
1. Regulation and compliance
2. Intercompany processes
3. Patient empowerment
Open new
business models
1. Patient empowerment
2. E2E serialization
3. Regulation and compliance
7

Regulation and compliance
Regulation and compliance ranked first in blended benefits and third in new business models
among First Movers in life sciences (see Figure 5).
Blockchain solutions not only track compliance, they also can enable smart contract-based
checks as a deterrent to non-compliance. They establish a trusted audit trail verifiable in real
time. This means they also streamline enforcement and deter bad actors from the outset.
Instead of relying on periodic spot inspections, blockchain-enabled smart contracts can help
make sure the appropriate parties are notified of non-compliant events as they happen.
Blockchains establish a platform to automatically enforce privacy regulations because rules
embedded via smart contracts dictate what can be seen and when. Moreover, as data and
transactions are shifted or linked to blockchains, organizations can track who has shared data
and with whom, without revealing the data itself.
Figure 5
Regulation and compliance: Streamlining monitoring and enforcement
Blended beneﬁts (cost, time and risk)
73%
64%
73%
67%
New business models
73%
64%
73%
67%
New business models
Percentage of respondents who see blockchain impacting
blended benefits and business models
8 Team Medicine

Intercompany processes
Our survey revealed that blockchain First Movers in life sciences rank intercompany
processes, such as transfer of funds, services, raw materials and finished goods, as the
area in which they expect blockchain will most reduce risk (see Figure 6).
Smart contracts can assure the reliable exchange of goods and information among
companies in the complex life sciences ecosystem. Transactions over the intercompany
supply chain are subject to compliance and audit in finance, accounting, transfer pricing,
capital control and more. In each area, current processes are inefficient and cumbersome.
Blockchain has the potential to bring all transactions into a single platform, making planning
and compliance easier.
One example is a collaboration in which two organizations are exploring blockchain for the
medical devices supply chain. In specialties such as cardiology, the process of getting
devices to hospitals is unwieldy and involves multiple exchanges. Every time data is
exchanged, a potential point of failure is created, such as loss of transparency of assets or the
introduction of incorrect data. Blockchain, however, introduces a method of recording data to
a single, immutable chain. As a result, full transparency of assets would be available across the
supply chain all the way to the patient — ultimately increasing efficiency and reducing waste.3
Figure 6
Intercompany processes: Shortening the audit trail
Intercompany processes
70%
61%
71%
53%
New business models
73%
64%
73%
67%
New business models
9

Patient empowerment
Increasingly the patient is being put at the center of healthcare to drive better health outcomes
and take out cost. Not surprisingly, patient empowerment led the way among life sciences
First Movers as a way to save cost and create new business models (see Figure 7). Blockchain
provides the opportunity for life sciences companies to add patient data in a unified manner
in such areas as consent, adherence and integrated device data — something never
before possible.
Examples of how blockchain can be used for patient empowerment are beginning to emerge
across the industry. The U.S. Food and Drug Administration (FDA), for instance, recently
began a blockchain initiative aimed at defining a secure, efficient and scalable exchange of
health data.4
Transformative healthcare solutions are possible when healthcare researchers
and providers have access to a 360-degree view of patient data. This blockchain technology
is also designed to give patients the opportunity to share their data securely — for research
purposes or across their healthcare providers — and creates opportunities for major
advancements in patient care.
Figure 7
Patient empowerment: Putting patients in the center
Patient empowerment
68%
55%
73%
58%
New business models
73%
64%
73%
67%
New business models
10 Team Medicine

Case study: PokitDok – Blockchain for healthcare and
life sciences API5
PokitDok, with offices in California and South Carolina, powers the DokChain blockchain
for healthcare and life sciences. The company recently partnered with PillPack Pharmacy
and Intel.
PillPack entered into a strategic alliance to leverage PokitDok’s Pharmacy Plan API and
Pharmacy Formulary API to get a consolidated view of patient prescription plans, qualified
formularies, and related financial information.
DokChain provides identity management to validate that each party involved in the
transaction is who they say they are, whether consumer or provider. Also, it can perform
what it is known “autonomous auto-adjudication.” The blockchain can also validate the
supply chain so that, for example, when a doctor writes a prescription, it gets logged on the
chain with transparent pricing for the consumer. This solution has broad implications for
inventory and order management of medical supplies and pharmaceuticals. When
combined, all three of these functions provide a level of proof that makes it much harder to
introduce fraud into the system, while eliminating much of the friction in the current workflow
and protecting the privacy of patient data.
11

E2E serialization
More than 70 percent life sciences First Movers ranked E2E serialization — a non-disputable
record of supply chain transactions — second among areas in which they anticipate
blockchain to spur business model innovation. Additionally, more than 60 percent expect
blockchain to help reduce cost, time and risk in E2E serialization (see Figure 8).
Counterfeit drugs create a worldwide problem in both patient health and lost revenue. It is
estimated that illegal operators globally cause more than 100,000 deaths per year and cost
pharmaceutical companies around 18 billion USD in lost revenue.6
Blockchain, however,
makes trusted data available in real time and strips uncertainty out of each step of the process
across the supply chain. For life sciences, this means improved provenance and traceability.
Every transaction in the supply chain, from origin to distributor, can be accurately traced,
assuring delivery of authentic products. Any sudden interruptions or bottlenecks — such as
the shipment of a partial order or products delayed at customs — can be detected. The U.S.
Drug Supply Chain Security Act (DSCSA) requires serialization in the United States for certain
prescription pharmaceutical shipments, and similar legislation exists in Europe.7
Figure 8
E2E serialization: Improving provenance and traceability
E2E serialization
63%
56%
73%
57%
New business models
73%
64%
73%
67%
New business models
12 Team Medicine

Chronicled, a company specializing in smart supply chain solutions, has partnered with
The LinkLab, which focuses on serialization in life sciences, to create the MediLedger project,
a serialized track-and-trace pilot for the pharmaceutical industry.8
The companies, both
based in San Francisco, are aiming for a more secure approach to meet existing regulatory
requirements that is less expensive and cumbersome. The project’s goal is to develop
blockchain solutions around GS1 (barcode) standards and to emphasize data privacy.9
Another example is how temperature-controlled supply chains or cold chains, in conjunction
with blockchain technology, can help preserve the intended attributes of temperature-
sensitive pharmaceuticals.
Blockchain technology can enable a complete record of a product’s temperature to be
tracked from shipping to end user.10
Temperature deviations from prescribed levels — either
too hot or too cold — can trigger early warning signals and prompt necessary adjustments.
These include changing “use by” dates (based on previous pharmaceutical stability testing),
rerouting goods for express delivery or pulling goods from distribution.
Case study: Verifying drug provenance11
A cell phone artificial intelligence technology is being
developed that can identify unique substances and
liquids and thus prove the authenticity of
pharmaceutical products. The application captures
detailed information about a product, and places that
record on the blockchain. The pharmaceutical
product can then be scanned as it passes from one
party to another in the supply chain, to verify that the
data matches what was originally placed on the
blockchain when the substance was created, thus
helping prevent the transport and sale of counterfeit
products. For instance, the application can scan two
pills that look similar to the naked eye and tell them
apart, or even detect if a drug label has been
switched or counterfeited.
13

Business areas ripe for disruption
Previously, we listed many external forces that could cause disruption to the industry, such
as new competition and highly restrictive regulations. But what internal processes within life
sciences companies are prone to disruption by blockchain?
First Movers selected gross-to-net revenue management as the area most likely to be
disrupted by blockchain. More than 60 percent identified this as an area they expected
blockchain to improve, compared to just 45 percent from all other organizations. Adverse
event and safety monitoring, and outcome-based contract management were the other areas
in which at least half of First Movers expected to see the most disruption from blockchain
(see Figure 9).
Gross-to-net revenue management
The fact that First Movers identified gross-to-net revenue management as the area most likely
to be disrupted indicates the premium they are placing on the areas where blockchain can
bring the most financial value. For example, it is common for life sciences companies to lose
a percentage of revenue through errors in chargebacks, rebates, returns and undocumented
shortages.12
In the United States alone, revenue loss from “leakage” accounts for tens of
billions of dollars.13
Blockchain technology can help alleviate this issue by providing better
efficiencies in tracking and tracing areas where leakage occurs. A single version of the truth
provides transparency for every action and interaction.
Adverse event and safety monitoring
Fifty-six percent of First Movers cited blockchain as a potential disruptor for adverse event
and safety monitoring. For example, the pharmaceutical industry has the prime responsibility
for the safety of medicines, vaccines, blood products, biotechnology, herbal medicines and
traditional medicines. Many companies have developed innovative and efficient monitoring
systems that have contributed to the successful detection of new safety signals.14
Figure 9
Business areas disrupted: Revenue management tops the list
Disruption
Gross-to-net revenue management
61%
45%
56%
51%
Adverse event, safety and monitoring
51%
46%
Outcome-based contracts
management and automation
73%
64%
73%
67%
New business models
Top three internal processes respondents say blockchain
will disrupt.
14 Team Medicine

Healthcare providers are the major contributors of case reports of suspected adverse drug
reports (ADR). With reporting from all healthcare professionals involved in patient care,
blockchain makes it is possible to detect the full spectrum of complications related to
pharmaceutical treatment. Patients also play an important role in pharmacovigilance
activities, from reviewing the product information to the spontaneous reporting of adverse
events from their medicines.
Blockchain to track dispensation of opioids15
Opioid abuse is becoming more common. In the United States, healthcare issues
associated with opioid overdose have become epidemic.
Today when a dispenser orders a controlled substance, the seller, either a distributor or
manufacturer that sells direct, checks the order against a suspicious order monitoring
(SOM) system. Part of that check is the number of opioids the dispenser has ordered in
the past. However, each seller only knows what it has sold the dispenser. No industry-wide
consolidation of records exists.
Blockchain can create an industry-wide, single source of aggregate information about
opioid orders for each dispenser. The total amount would then be available to sellers to use
in SOM systems, while still maintaining the confidentiality of individual order information.
With such information, analytics could be used to determine how many opioids are too
many for a dispenser to order, taking into consideration the nature of the dispenser. For
example, the needs of a pain clinic would likely differ substantially from the needs of a
neighborhood pharmacy.
15

Outcome-based contracts
The value of a new drug depends on several variables. For example, what is the disease
progression in the patient and what outcome can be reasonably expected? Given the
well-publicized rise in drug prices, increasing pressure is being applied to pharmaceutical
companies to prove the effectiveness of their offerings. At the same time, the costs for life
sciences to develop new drugs via traditional methods have risen to levels that stifle innovation.
Outcome-based contracts provide for payment once value is demonstrated. For example,
one pharmaceutical company just entered a contract with the U.S. Centers for Medicare
Medicaid Services (CMS) that stipulates payment for a new leukemia drug will be made only
if patients respond to treatment by the end of the first month of administration.16
The cost of
the medication approaches a half million USD for a one-time application. Industry experts
expect the same arrangements to be offered to private insurers. The net result is that pay-for-
performance pricing may increase immediate drug costs, but, in the long term, reduce patient
cost. Blockchain technology can help manage this process by providing trusted verification of
outcomes at the individual level.
16 Team Medicine

Recommendations
To best extract value from blockchains, we recommend life sciences organizations to ask
themselves and consider their answers to three questions:
How fast should I move?
Twenty percent of life sciences organizations surveyed have already started. And 70 percent
expect to have blockchain production in progress by 2020. Organizations not investing now in
blockchain should prepare to join the industry in exploring blockchain use cases and potential
network partnerships as soon as possible. However, for many life sciences companies,
the path forward may be a bit bumpier than that for many other industries. The stringent
regulatory environment, a perception of lack of mature technology and insufficient blockchain
skills in the industry all serve as barriers to early blockchain adoption (see Figure 10).
Life sciences companies, in deciding how to move, should pick specific use cases relevant to
their businesses and examine what challenges exist and what steps to take. For example,
consortia should look at use cases, led by regulators, that require industry-wide standards.
Smaller working groups might look for use cases focused on regional ecosystem differences.
Figure 10
Blockades: Barriers to rapid blockchain adoption
Barriers to successful adoption
57%
56%
52%
46%
42%
47%
43%
44%
48%
54%
58%
53%
Percent ranked in top 3 Percent not ranked
Regulatory constraints
Immature technology
Insufﬁcient skills
Lack of executive buy-in
Lack of clear ROI
Insufﬁcient business case
17

Can I achieve network-wide standards?
As Figure 10 illustrates, life sciences organizations are aligned on the barriers to blockchain
adoption, with regulatory constraints topping the list. However, blockchain provides the
technology to mitigate a number of regulatory challenges. Blockchain provides the visibility
regulators, such as the FDA, need at every step of the process, from product creation and
approval through delivery to the end user. Blockchains can provide up-to-the-minute, trusted
audit trails, which create widespread accountability and, potentially, reducing the need for
regulatory spot checks.
Consortia, such as non-profit PhUSE, have been laying the groundwork for a better
understanding of blockchain benefits for the life sciences industry, with many organizations
already recognizing that strategic partnerships are necessary to create new business models
across the value chain.17
How can I scale with new revenue models?
Our survey shows that nearly half of life sciences First Movers ranked the lack of a clear ROI
strategy and executive buy-in as barriers to blockchain implementation. These are issues that
should be organizational priorities. Also, dedicated efforts must be in place to attract the talent
needed to address the lack of necessary skills.
Blockchain is an effective technology to solve industry challenges that transcend
organizational boundaries. The business case is predicated on “collective benefits” and the
industry needs to embrace collective solutions. Focus on shared industry problems that
deliver value for all parties.
18 Team Medicine

Study team
Mark Treshock, Blockchain Offering Leader, Healthcare and Life Sciences, IBM Services
Heather Fraser, Healthcare and Life Sciences Industry Leader, IBM Institute for Business Value
Veena Pureswaran, Global Research Leader, Blockchain, IBM Institute for Business Values
Contributors
The study team would like to thank the following for their contributions to this executive report:
Julie Bowser, Peter Brandstetter, Christina Busmalis, Francisco Curbera, Nicky Hekster, Wim
Huybrechts, Sumeet Kad, Susheel Ladwa, Selina Lee, Roman Malina, Jordan Mcafoose,
Sunanda Saxena, Vinit Shah, Smitha Soman and Lauren White.
For more information
To learn more about this IBM Institute for Business
Value study, please contact us at iibv@us.ibm.com.
Follow @IBMIBV on Twitter, and for a full catalog of our
research or to subscribe to our monthly newsletter,
visit: ibm.com/iibv.
Access IBM Institute for Business Value executive
reports on your mobile device by downloading the
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app store.
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changing environment.
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Services, develops fact-based strategic insights for
senior business executives around critical public and
private sector issues.
19

Notes and sources
1 Cuomo, Jerry, Shanker Ramamurthy, James Wallis, et al. “Fast forward: Rethinking enterprises, ecosystems and
economies with blockchains.” IBM Institute for Business Value. September 28, 2016. https://www-935.ibm.com/
services/us/gbs/thoughtleadership/blockchain
2 White, Kym. “Trust in healthcare: Making progress.” Edelman Website. March 2017. https://www.edelman.com/post/
trust-healthcare-making-progress
3 IBM Institute for Business Value analysis, based on internal case studies or interviews.
4 “IBM Watson Health Announces Collaboration to Study the Use of Blockchain Technology for Secure Exchange of
Healthcare Data.” IBM. January 2017. http://www-03.ibm.com/press/us/en/pressrelease/51394.wss
5 PillPack Deploys PokitDok for Instant Pharmacy Eligibility Assessments.Business Wire. July 2016. http://www.
businesswire.com/news/home/20160721005100/en/PillPack-Deploys-PokitDok-Instant-Pharmacy-Eligibility-
Assessments ; PokitDok teams with Intel on healthcare blockchain solution. Tech Crunch. May 2017. https://
techcrunch.com/2017/05/10/pokitdok-teams-with-intel-on-healthcare-blockchain-solution/
6 Gilbert, David. “Blockchain Technology Could Help Solve $75 Billion Counterfeit Drug Problem.” International
Business Times. April 19, 2016. http://www.ibtimes.com/blockchain-technology-could-help-solve-75-billion-
counterfeit-drug-problem-2355984
7 “Drug Supply Chain Security Act.” U.S. Food and Drug Administration. https://www.fda.gov/Drugs/DrugSafety/
DrugIntegrityandSupplyChainSecurity/DrugSupplyChainSecurityAct/
20 Team Medicine

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8 “Chronicled and The LinkLab Announce The MediLedger Project, a Revolutionary Blockchain-backed System to
Safeguard the Pharmaceutical Industry.” Cision PR Newswire. September 2017. https://www.prnewswire.com/
news-releases/chronicled-and-the-linklab-announce-the-mediledger-project-a-revolutionary-blockchain-backed-
system-to-safeguard-the-pharmaceutical-industry-300522426.html
9 Pharma Companies Tap Startups to Develop Protocol for Tracking and Verifying Prescription Drugs using
Blockchain.” Cision PR Newswire. March 2017. https://www.prnewswire.com/news-releases/pharma-companies-
tap-startups-to-develop-protocol-for-tracking-and-verifying-prescription-drugs-using-blockchain-300428313.html
10 “Where Blockchain Meets Cold Chain.” The Wall Street Journal. November 22, 2017. http://partners.wsj.com/ups/
blockchain-meets-cold-chain/
11 IBM Institute for Business Value analysis based on internal research.
12 IBM Institute for Business Value analysis, based on publicly available information.
13 Ibid.
14 Argentinis, Elenee, Louisa Roberts and Heather Fraser. “Scaling safety expertise in life sciences: With timeliness
critical to safety operations, cognitive computing can add speed, scale and consistency to the pharmacovigilance
process.” IBM Institute for Business Value. April 2017. https://www-01.ibm.com/common/ssi/cgi-bin/
ssialias?htmlfid=GBE03829USEN
17 Blockchain Technology. PhUSE wiki. http://www.phusewiki.org/wiki/index.php?title=Blockchain_Technology
21

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