The PharmaPortal platform is being developed to meet the growing needs to trace assets across different supply chain participants
PharmaPortal will initially focus on traceability of temperature-controlled drugs. (Credit: Pexels from Pixabay)
Sonoco ThermoSafe, a subsidiary of Sonoco, is developing a vendor-neutral blockchain platform, named PharmaPortal, to help deliver enhanced transparency and traceability across the temperature controlled supply chain in pharmaceutical industry.
PharmaPortal platform, which is being built on IBM Blockchain Transparent Supply, is intended to meet the growing needs to trace assets across different supply chain participants.
In addition to tracing, the platform records a single version of the truth on all events generated on a package’s journey. This data is then integrated with other businesses across an industry-scale network.
Sonoco president and CEO Howard Coker said: “Only through the collaborative efforts of all members of the temperature controlled pharmaceutical distribution process can we achieve the safety and efficiency that the world needs from us in this critical time.
“An effort of this magnitude requires a high level of industry engagement to make a meaningful difference in the lives of people around the world. IBM has had success working across a number of sectors where implementing blockchain networks transformed the efficiency and effectiveness of the supply chain, and we see the same opportunities in the pharmaceutical space.”
PharmaPortal to initially focus on traceability of temperature-controlled drugs
Sonoco said that the PharmaPortal will initially focus on end-to-end traceability of temperature-controlled drugs, including vaccines and provide an audit trail of environmental condition monitoring.
As part of this development, the company plans to collaborate with industry leaders to enhance the safety and efficiency of global temperature controlled pharmaceutical distribution.
Additionally, a PharmaPortal Advisory Council is planned to be appointed comprising willing representatives from the pharmaceutical industry.
Earlier this year, Sonoco has acquired Thermoform Engineered Quality and Plastique Holdings (together TEQ) from ESCO Technologies for $187m.