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Pharmaceutical Manufacturing and Packing Sourcer

The Case for Blockchain Technology

Current pharmaceutical supply chain spending is estimated to be US $230 billion, representing about 25% of total costs. Looking into the future, the biggest impact on revenue and earnings before interest and taxes growth is set to occur through the digitisation of supply chains, but, unfortunately, only 2% of executives report that supply chains are the focus of their forward-looking digital strategies (1). Additionally, with an increasingly complex supply chain, pharma manufacturers are outsourcing work to contract packaging organisations (CPOs) and CMOs at a greater rate than has been observed in the past. As a result, collaboration and visibility is critical for these relationships to work well.

According to discussions with heads of supply chain and IT at eight of the 15 largest pharma companies by global revenue, sharing of critical documents and drug provenance as products move through the supply chain is an area where improved cross-supply chain collaboration is critical. For example, the mishandling of documents and delays in the documentation and approvals process can create significant costs to pharma companies, measured in days or weeks of lead time and millions of dollars in avoidable cost.

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Jason Lacombe is the CEO of Veratrak, a software company purpose built for the pharma supply chain, facilitating secure document and master data collaboration for its partners. He first became interested in blockchain technology while studying for his PhD at the University of Oxford, UK, where he held an executive role on the blockchain society. In a past life, Jason had exposure to the pharma industry as an Expert Advisor to the European Parliament, member of a WHO collaborating centre, and as a Health Economist. Most recently, he was selected for the Forbes 30 Under 30 list and as a blockchain influencer in a report led by the UK All Party Parliamentary Group on blockchain.
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