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- Pharmaceutical giant Bayer revealed its association with the blockchain startup VeChain.
- VeChain will develop a traceability solution for clinical trials called Csecure.
Last year, pharmaceutical giant Bayer launched a cooperation program called the G4A China Start-up Cooperation Program. After going through a lengthy process of selecting and evaluating pre-selected candidates, Bayer announced the partnership that emerged from that program. The pharmaceutical company announced that it will cooperate with the blockchain company VeChain.
Reshaping the pharmaceutical industry with VeChain
In an interview, G4A program leader Ding Songen revealed details about the cooperation and why Bayer selected VeChain. Songen explained that in the pharmaceutical sector special considerations have to be made to select a startup as a partner. The priority is the health of the patients and, therefore, the partner that was selected needed to have a mature technology, as VeChain has.
In addition, Songen said they evaluated the capabilities of the VeChain team, the financial situation and value of the startup in conjunction with the technology it uses. The latter had to be in line with the challenges Bayer wants to overcome. In this case, VeChain and Bayer will develop a blockchain-based platform called Csecure.
The platform will be used to improve drug supply management in clinical trials. In addition, it will also aim to improve the transparency of data, traceability and efficacy of these trials. Bayer has determined that the traceability and security of the blockchain technology provided by VeChain meets the demands required to perform this task.
Csecure will use blockchain technology to collect data on the clinical trial supply chain. This information will be encrypted and secured and can be used to secure the supply of drugs in clinical trials. In this way, misuse of the supply, theft, and the doses that are implemented to the participants of the clinical trials can be monitored.
VeChain founder Lu Yang was pleased to be able to make a contribution to the pharmaceutical industry through this new partnership with Bayer:
This time we cooperate with Bayer, our greatest feeling is the rigor of the medical industry. This rigor is not only rigorous in product design, including the communication process with G4A, and the communication process with Bayer related business departments I feel Bayer’s serious attitude towards the medical and health cause as a whole.
As reported by Crypto News Flash, VeChain has made another important contribution to medicine in recent days. The VeChain Foundation developed an application, known as HCert, that provides an archiving solution for Covid-19 pandemic data records RT-PCR (real-time polymerase chain reaction) and antibody tests (rapid test). The application will use the VeChainThor blockchain to combat the coronavirus pandemic.
