One of the most serious dangers to the pharmaceutical sector is counterfeiting and hoarding of drugs during the manufacturing and supplying process. The world of online web-based pharmacies has made the medication supply chain process extremely convoluted and difficult to secure. This study presents a novel and state-of-the-art Medledger system based on blockchain that uses chain codes to develop the smart contracts. Our proposed system, Medledger, is a state-of-the-art traceability system based on blockchain technology that eliminates the need for a centralized trusted authority, intermediates, and transaction records. The system utilizes chain codes to develop smart contracts that manage the connection between the entities involved in the pharmaceutical supply chain. Through the use of sequence diagrams, our system ensures better traceability and transparency. Furthermore, all transactions and events are preserved on the blockchain's immutable Medledger permanently, which is connected to peer-to-peer decentralized file systems. Our study demonstrates that Medledger is effective in mitigating the risk of counterfeit and hoarded drugs in the pharmaceutical industry while increasing efficiency in the supply chain.