- VeChain and Bayer China collaborate to create a drug-tracing network
- Lately, VeChain has engaged in collaborations in the health sector
- VeChain and I-Dante are developing a healthcare data management protocol for hospitals in Cyprus
VeChain News Today – a renowned pharmaceutical firm, Bayer China, has announced that it will be collaborating with VeChain to develop a new initiative. VeChain will use its position as a widely-used Blockchain network alongside the expertise of Bayer China to design a platform that will enhance clinical trial traceability in medications.
The Singapore-based Blockchain firm has been focused on leveraging the transparency and immutability of DLT (distributed ledger technology) to improve global supply chains. And with this latest collaboration, it is safe to say that VeChain is finding industry-wide applications recently.
VeChain and Bayer China Will Work Together to Enhance Drug Tracing
The report of the collaboration was announced on Thursday by Bayer China. The pharmaceutical industry giant said it chose to work with VeChain on the endeavor to improve the ability to track clinical drugs. Termed as CSecure, the new initiative/system will set a unique batch number for every clinical trial drug that is entering the Blockchain network.
With features like identification codes and time-stamps, all stakeholders on the network will have the ability to track the movement of clinical trial drugs along the supply chain. The unique thing about this endeavor is that the tracking will be done in real-time. This latest collaboration between VeChain and Bayer China will likely give the latter a competitive edge over its healthcare and pharmaceutical competitors. Because it will improve the management of clinical trial drugs (which has often been regarded as a complicated endeavor).
VeChain and its Recent Strategic Collaborations in Healthcare
Before this collaboration, VeChain partnered with I-Dante to develop a Blockchain-based healthcare data management system for hospitals in Cyprus. Meanwhile, the product development team behind VeChain has been working to create a viable solution for the sector. The move to work with Bayer China will allow the team to gain experience and in-depth knowledge about the industry.
The co-founder of VeChain, Sunny Lu who is also the firm’s CEO, has expressed extreme gratitude to Bayer China. He is pleased that Bayer China chose to entrust a new Blockchain solutions provider (VeChain) with the task of streamlining drug tracing in the supply chain. Last year, the President of Uganda opted for Blockchain technology to stop counterfeit drugs from been smuggled in the system. The country partnered with MediConnect and is hoping to tackle the key issue that has challenged the country’s healthcare system n for decades. The issue of fake drugs has brought about an increase in deaths that could have been avoided.