Source: Akarat Phasura – shutterstock
- The pharmaceutical company Bayer announced its association with the blockchain startup VeChain.
- VeChain will develop a traceability solution for clinical trials called Csecure.
Last year, the pharmaceutical company Bayer launched a cooperation program called the G4A China Start-up Cooperation Program. After a lengthy process of selecting and evaluating pre-selected candidates, Bayer announced the partnership that has emerged from this program. The pharmaceutical company announced that it will partner with blockchain company VeChain.
Reshaping the pharmaceutical industry with VeChain
In an interview, G4A program director Ding Songen revealed details about the collaboration and why Bayer chose VeChain. Songen explained that in the pharmaceutical sector, special considerations must be made in order to select a startup as a partner. The priority is patient health and therefore the selected partner like VeChain needed to have mature technology.
In addition, Songen assessed the VeChain team’s skills, financial situation and the startup’s value in connection with the technology used. The latter had to meet the challenges that Bayer wants to overcome. In this case, VeChain and Bayer will develop a blockchain-based platform called Csecure.
The platform is used to improve drug supply management in clinical trials. In addition, the transparency of the data, the traceability and the effectiveness of these studies should be improved. Bayer has determined that the traceability and security of the blockchain technology provided by VeChain meets the requirements necessary for this task.
Csecure will use blockchain technology to collect supply chain data for clinical trials. This information is encrypted and secured and can be used to secure drug supplies in clinical trials. In this way, abuse of supplies, theft, and doses administered to clinical trial participants can be monitored.
VeChain founder Lu Yang is delighted to be able to contribute to the pharmaceutical industry through this new partnership with Bayer:
This time we are working with Bayer. Our greatest feeling is the rigor of the medical industry. This rigor not only applies to product design, including the communication process with G4A and the communication process with the business departments associated with Bayer. I am of the opinion that Bayer takes the medical and health issues seriously.
As Crypto News Flash reports, VeChain has made another important contribution to medicine in the last few days. The VeChain Foundation developed an application called HCert, which provides an archiving solution for Covid-19 pandemic records, RT-PCR (real-time polymerase chain reaction) and antibody tests (rapid test). The application uses the VeChainThor blockchain to fight the coronavirus pandemic.