Hong Kong: Blockchain in Pharmaceutical Business Caywon Reveals Pharma 4.0 Digital Transformation Initiative
Caywon Pharmaceutical Group will become the first international pharmaceutical company to adopt Crowd Machine as the key enabling technology to power its Pharma 4.0 digital transformation initiative. The company seeks to accelerate the translation of biomedical advances into innovative products through “distributed partnering”.
Hong Kong — According to a recent McKinsey study, the pharmaceutical industry is nearly dead last among the eight major industries studied in terms of digital maturity (only the public sector fared worse). However, as the industry moves towards specialization and globalization, outsourcing activities have greatly increased the complexity of the supply chain.
In a world where the complexity of supply chain requires a high-level of system integration, there will be enormous data volumes that need to be analyzed and shared across the virtualized value chain.
"To unlock the value in this digital future, the combination of deep pharma domain knowledge and IT implementation capability is required” said Dr. Matthew Lee, VP of Innovations of Caywon, “Having a digital platform that is friendly to domain experts who lack coding skills is going to be essential in unlocking the value of domain know-how trapped inside the heads of our domain experts.”
Crowd Machine bridges the communication gap between pharmaceuticals experts and technology, by enabling these experts to provide their domain knowledge through applications easily and efficiently. In addition to providing an app development engine that requires no coding, Crowd Machine is capable of getting blockchain-agnostic decentralized apps and smart contracts to market up to 45x faster than regular methods.
Caywom will leverage recent changes in pharmaceutical regulations in China, to be one of the first drug companies to take advantage of China-US dual filings and virtual drug development regulations that allow a drug developer to hold a drug license without owning a manufacturing facility. The company seeks to accelerate the translation of biomedical advances into innovative products through “distributed partnering”.
Unlike the conventional fully-integrated model of drug development, that houses drug development and manufacturing under the same roof, the company focuses its efforts on product definition, project management, and outsourced manufacturing to assemble a diverse portfolio of drug products that would not be possible under conventional models. It is a new breed of drug product development led by a team of former pharma IP attorneys and drug development experts.
Blockchain as a Security Feature
To further advance a distributed partnering model, the pharmaceutical company envisions a digital enterprise where the supply chain workflow can be re-configured on-the-fly based on individual project requirement while maintaining the highest level of data integrity, manufacturing quality and product safety through the use of blockchain technologies.
Caywon will become one of the first movers in China to specialize in decentralizing the pharmaceuticals development process. Crowd Machine’s technology will help with this process, enabling the company to bring remote teams together and standardize processes, systems and information sharing in a secure way.
To capitalize on this opportunity, the pharmaceutical group has established a US-subsidiary, Lyon Stone, to lead the charge in creating Crowd Machine solutions for the pharma/healthcare industry.