Renowned pharmaceutical company Bayer China is collaborating with VeChain, a widely-used blockchain application platform, to co-design a platform to enhance clinical trial traceability in drugs.
VeChain, a Singapore-based startup focussing on leveraging the immutability and transparency of distributed ledger technology (DLT) to enhance global supply chains, is finding industry-wide applications lately.
VeChain and its strategic partnerships
Prior to this collaboration, VeChain teamed up with I-Dante earlier this month to develop a blockchain-powered healthcare data management system amid the coronavirus crisis for hospitals in Cyprus.
It also found a meaningful purpose in the fashion industry when world-famous fashion designer Sarah Regensburger decided to deploy VeChain’s blockchain-based solutions to improve the design and distribution of her products.
Bayer China and VeChain to enhance drug tracing
Announced on Thursday, the pharmaceutical industry giant Bayer China chose VeChain to enhance the tracking of clinical drugs. Termed as CSecure, the system will assign a unique batch number to every clinical trial drug entering the blockchain.
Using features like time-stamps and the identification code, stakeholders on the blockchain can track the drug’s movement along the supply chain in real-time. The collaboration is likely to give Bayer China a competitive edge over its competitors by improving the overall management of testing drugs, which is otherwise considered a cumbersome task.
CSecure will be underpinned by blockchain-as-a-service (BaaS)-based tool, ToolChain, that will enable VeChain to design bespoke, full-fledged DLT-based software that meets all the client’s requirements.
VeChain boosts presence in pharmaceutical industry
Meanwhile, VeChain’s product development team, working to build a viable solution, will gain significant experience and in-depth industry knowledge by closely working with Bayer China’s side.
VeChain’s co-founder and CEO, Sunny Lu, expressed extreme gratitude toward Bayer China for entrusting a relatively new blockchain solutions provider like VeChain with a weighty task of streamlining the drug tracing supply chain.
In a similar attempt last year, President of Uganda entrusted blockchain technology with a vision to prevent counterfeit drugs from entering the system. By partnering with MediConnect, the government hopes to tackle an issue that’s challenged the country’s healthcare supply chain for the longest time and disrupted the lives of thousands of families with the sale of illegal and fake drugs.