Blockchain Tool For Pharmaceutical Industry Planned By Tjoapack And Veratrak

Blockchain, News | August 30, 2018 By:

Tjoapack, a global contract packaging organization (CPO), is teaming with UK-based technology firm Veratrak to look into applications for blockchain in the pharmaceutical space.

The two companies will work on a number of projects that could help supply chain partners work together transparently, while also helping to keep service lead times to a minimum. The first project, which is due to be rolled out later this year, will secure and optimize the data sharing processes involved in setting up stock keeping units (SKU) ready for packaging from product master data to artwork.

“Blockchain is already being explored as a solution to support track and trace programs which follow physical goods through the supply chain,” said Dexter Tjoa, director corporate strategy at Tjoapack. “It could also have huge benefits when it comes to improving data transparency through secure audit logs that are accessible for multiple parties. A tool like the one we’re working on with Veratrak will make collaboration across different companies easier, making the supply chain much more efficient.”

The project will be using Veratrak’s private document sharing platform that allows pharmaceutical supply chain partners to communicate sensitive information more efficiently. It leverages blockchain technology and distributed file stores, which means the solution is distributed with a shared documentation repository and a shared audit log.

“Efficient pharmaceutical supply chains are essential for delivering high quality and cost-effective healthcare, and this is something that we are both working towards,” said Jason Lacombe, CEO of Veratrak. “We hope this will be the start of a successful long-term relationship. Through this partnership, we are building the pharmaceutical supply chain of the future.”

Pharmaceutical companies have been exploring blockchain technology through either proof of concepts (PoC) or pilot projects. Last month, the Good Shepherd Pharmacy partnered with the FedEx Institute of Technology to create a blockchain platform aimed at helping cancer patients get quicker access to vital medications.

Earlier this month, pharma supply chain firm Tracelink raised $93 million in an investment round and said that it will be investing in blockchain in order to digitize the global pharmaceutical supply chain.