Global contract packaging organisation (CPO), Tjoapack, has partnered up with UK-based technology company, Veratrak, to launch a live blockchain tool for use in the pharmaceutical industry.
Blockchain
Through this partnership the companies will work on a number of projects that focus on the use of blockchain to enable transparent collaboration across multiple pharmaceutical supply chain partners, reducing service lead times, and driving information sharing through a secure digital chain.
The first project will secure and optimise the data sharing processes involved in setting up stock keeping units (SKUs) ready for packaging from product master data to artwork and is due to be rolled out in the last quarter of the year.
“Blockchain is already being explored as a solution to support track and trace programmes which follow physical goods through the supply chain,” said Dexter Tjoa, director Corporate Strategy, 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.
“We’re impressed with Veratrak, and are very much looking forward to working closely with their team. Hopefully this will be the first of many projects we collaborate on.”
“We’re delighted to be working with Tjoapack. We share many of the same values as an organisation, and we're impressed with their forward-thinking mindset,” added Jason Lacombe, CEO, Veratrak. “Their commitment to continuously developing and implementing innovative ideas that will improve the supply chain make them an ideal partner for this project.
“Efficient pharmaceutical supply chains are essential for delivering high quality and cost-effective healthcare, and this is something that we are both working towards. 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.”