In a recent interview, Bayer China revealed that they had selected blockchain startup VeChain as a partner for the new drug-tracing platform that they plan to develop. VeChain will be the tech-provider for the CSecure platform, a blockchain-powered solution that will allow Bayer to track clinical drugs across the supply chain.
VeChain first proposed that Bayer China implement a blockchain-powered supply chain solution back in 2019 during a competition known as the G4A China Start-up Cooperate Program. The proposal VeChain submitted was put through a lengthy selection and evaluation process and was then developed into the CSecure platform.
Aside from VeChain, no other firm that participated in the challenge could achieve a viable solution in the 45 days that they were given.
CSecure’s system will load batch numbers related to specific drugs onto the blockchain. The drugs can then be tracked as they move through the supply chain via timestamps and identification information at different waypoints. By doing so, it will be possible to monitor the movements of the drugs in real-time.
The CSecure system is based on the ToolChain platform that VeChain developed. It is a blockchain-as-a-service (BaaS) system that allows VeChain to build and customize ledger solutions for product lifecycle management, supply chain process control, data certification, and more.
According to G4A program leader Ding Songen, the platform will primarily be used to improve drug supply management in clinical trials. CSecure will provide Bayer China with a competitive edge that lets them improve the overall management of drugs involved in clinical trials. Doing this will enable the pharmaceutical company to prevent misuse and theft, as well as monitor dosages.
Bayer’s goal was to ensure that the startup they selected as a partner would be up to the challenge and able to prioritize patients’ health. The fact that VeChain’s technology was more mature was a reason it was chosen. To ensure it is up to the task, Bayer evaluated the VeChain team’s capabilities and the financial situation and value of the startup.
Although news of VeChain’s partnership is common knowledge, the company is keeping tight-lipped about the deal itself. No details regarding the project’s scope or the value of the agreement have been released, and all VeChain has said is that they are bound by a non-disclosure agreement (NDA).
Despite not revealing any information about the particulars of the deal, VeChain’s CEO Sunny Lu has expressed gratitude for the experience their team obtained by working with Bayer China. In his words,
“We’ve experienced the rigorousness of the medical industry by working with Bayer China. I feel Bayer’s professionalism and superb work ethic towards medicine and healthcare causes as a whole.”
VeChain’s partnership with Bayer China is not the first high-profile deal that it has managed to ink. In the last year, the blockchain startup has secured several high-profile collaborations, such as working with the Chinese arm of Walmart and PwC to develop a food tracking solution for China.
The blockchain startup also recently worked with I-Dante to co-develop an application known as E-HCert. The app is designed to provide an archiving solution for Covid-19 data records.
The VeChain platform has two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). Its recent partnerships have driven its price up slightly, as it continues to trend upwards. The token can be found on most major exchanges, though compared to the easiest way to buy Bitcoin, it is certainly not quite as widely adopted.