Contract packaging and supply chain management services provider Tjoapack has collaborated with UK-based technology firm Veratrak to launch first live blockchain tool for the pharmaceutical industry.
Under the partnership, Tjoapack and Veratrak will work on several projects that use the properties of blockchain to allow transparent collaboration across various pharmaceutical supply chain partners.
A secure digital chain will help to decrease service lead times, and drive data sharing.
The first project is expected to be rolled out in the fourth quarter of this year. It will secure and optimize the data sharing processes involved in establishing stock keeping units ready for packaging from product master data to artwork.
Tjoapack corporate strategy director Dexter Tjoa said: “Blockchain is already being explored as a solution to support track and trace programmes which follow physical goods through the supply chain. 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.”
Blockchain technology has so far been explored by pharmaceutical firms through either proof of concepts or pilot projects.
Tjoapack said it will be the first user of the platform and will leverage its pharmaceutical expertise to make sure that the Veratrak system is tailored to the industry’s challenges.
Veratra CEO Jason Lacombe said: “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.”
Earlier this month, Tjoapack has launched a new postponement packaging service to help customers address supply chain challenges including variable demand and repackaging work.
Tjoapack handles more than 26 million packs of medicine per year, supplying to over 40 markets across all seven continents.