New blockchain solution for pharmaceutical supply chain
SophiaTX and parent company Equidato Technologies have joined forces with KITA Logistics to design and develop a blockchain solution for pharmaceutical logistics and transport. The partnership intend to facilitate a holistic ‘track and trace’ solution for the transportations of products and medicines, that enables multi-party collaboration across value chains.
“The pharmaceutical ecosystem is highly complex with many collaborating parties, manufacturing processes, quality assurance points, shipment processes, and anticipated risks,” said SophiaTX CEO Jaroslav Kacina. “All manufacturers and partners face common issues, which cannot be resolved solely with a centralized and isolated system.”
According to SophiaTX, each of the current top 20 prescription drugs is produced by a company using SAP software products within their sourcing, manufacturing, or supply chain processes.
It said that its own integration with the system will enable pharmaceutical companies to write their products directly into the blockchain, and therefore to address issues of counterfeiting; compliance; supply chain conditions; traceability and recalls.