On Thursday, October 24th, Veratrak’s Chief Executive Officer, Jason Lacombe, was invited to speak about how Veratrak is improving visibility, collaboration, and data integrity across the pharmaceutical supply chain; through working with a number of Contract Packaging Organisations (CPO’s) and their suppliers.
The goal of the session was to explore how novel technologies like blockchain are being used by Veratrak customers to reduce lead times, free up working capital, and provide improved visibility and compliance of batch document collaboration processes. Jason first provided the audience with a practical overview of blockchain and then discussed a customer case study.
Throughout the presentation, the audience shared their opinions on new technologies and how their organisations are beginning to explore digitisation. It was clear that organisations are currently sharing sensitive batch documentation using unsecure and non-collaborative channels, with the majority of information being exchanged over email. This has led to challenges with auditing suppliers, efficiently coordinating drug recalls, and in extreme cases, drug stock-outs.
Key takeaways from the session:
Many organisations across the pharmaceutical supply chain are currently sharing batch documentation with their suppliers and partners through unsecure, non-collaborative and inefficient channels, with the majority using email.
Using a modern SaaS platform, like Veratrak, and blockchain technology, allows for secure and compliant exchange of information outside the walls of an organisation.
Although there is hype around new technologies like blockchain, decision makers need to evaluate the practical and best use-cases for their organisations before jumping in.
All attendees mentioned that their organisations have document management tools for internal use, however, most do not have dedicated systems for external document collaboration with suppliers and partners. This has led to inefficiencies in collaboration, a lack of visibility into mission-critical supply chain processes, and potential compromise of confidential data.
Veratrak is committed to solving these challenges. Get in touch to find out how we can improve collaboration, security, and visibility outside the walls of your business.