Baptist Health, a nine-hospital system in Louisville, Ky., is the first health system in the U.S. to use MediLedger's blockchain technology to review prices for procured drugs.
The system teamed up with MediLedger, a blockchain pharmaceutical technology company, to ensure the 40,000 pharmaceutical products it buys every year are "the correct negotiated contracted prices," Thomas Matanich, system director of pharmacy contract management for Baptist Health, said in a July 18 news release shared with Becker's.
The blockchain technology will help the system find and address price discrepancies before purchasing a pharmaceutical product, the release said.
"It's very interesting nobody has taken on that bull by the horn," Nilesh Desai, chief pharmacy officer at Baptist Health, told Becker's.