Track & Trace

SophiaTX and parent company Equidato Technologies have joined forces with KITA Logistics to design and develop a blockchain solution for pharmaceutical logistics and transport. The partnership intend to facilitate a holistic ‘track and trace’ solution for the transportations of products and medicines, that enables multi-party collaboration across value chains.

Industry 4.0′ stands for the fourth industrial revolution. The rise of new digital industrial technology is referred to Industry 4.0. Industry 4.0 is the grouping of numerous major innovations in digital technology. These technologies include Industrial Robotics, Cyber Security, Internet of Things (IoT), 3D Printing, Advanced Human–Machine Interface (HMI), Big Data, Augmented Reality & Virtual Reality, Artificial Intelligence. However, lack of cost-benefit analysis and a shortage of skilled workforce are key factors limiting the growth of this market.

“In the mid-2000s, Myanmar saw between 500,000 and 600,000 cases of malaria every year. So it wasn’t surprising when, in February 2005, a 23-year-old man in Myanmar came down with a fever, nausea, chills and a headache so severe he had to be taken to the local hospital. His doctors quickly determined he was, in fact, stricken with malaria. They prescribed him artesunate, an inexpensive anti-malarial regularly used by Myanmar’s health care professionals to treat the infectious disease.

Supported by mass adoption in industries including retail, where clothing manufacturers such as Zara and Macy's are placing RAIN tags in garment labels, thus enabling the tracking of the item from the manufacturer to distributor to retail store and eventually to the rack on the sales floor; and transportation, where airlines are enabling luggage tracking thus reducing the incidences of lost luggage; RFID has crossed the threshold from a developing technology into one with established standards and best practices, setting the stage for inter-operability, collaboration and tremendous growth.

The BlockRx Pharma Ecosystem ties together five subsystems which are involved in the pharmaceutical supply chain: Manufacturers, Distributors, Clinical Trials, Patients, and Regulators. The diagram below shows how the subsystems interact with each other through the Blockchain and ADLT™.

Procrastination is human nature. All of us hem, haw, and actively avoid responsibilities at times. This is especially true for things we are told to do, rather than those we choose to do. And when there’s plenty of time to do something, it’s easy to justify putting it off another day.

Ever since Congress enacted the Drug Supply Chain Security Act in 2013, the pharmaceutical industry has been preparing to adopt an interoperable system by 2023.

Smart manufacturing and the IoT is driving the next industrial revolution. Manufacturing is on the cusp of a revolution – the Internet of Things (IoT) revolution! In 2016, IDC estimates the manufacturing segment invested $178 billion(€152.89 billion) in IoT spending, twice as much as the transportation segment, the second largest IoT vertical market.

The counterfeit drug market is growing rapidly, and Deloitte accountants currently value it between $75 billion to $200 billion according to data culled from Pharmaceutical & Medical Devices Trends & Opportunities in Packaging Operations.

Organizations that place purchase orders (PO) for their suppliers or manufacturers have a very real need to make sure that the product arrives at the intended destination on the date that it was requested and promised. Scheduling receiving resources and ability to meet customer demand, all rely on the product getting to the warehouse when it was scheduled to be there.

Most organizations deal with the shipment of goods in to and out of their premises. With the increasing demand for a better customer experience it is a challenge to provide a high level of customer service when parts of your supply chain fall somewhat out of your “sphere of influence”.