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“One of the main complaints we heard from pharma companies, while developing our solution over the last 3 years, has been the cost of remaining compliant. With the BlockRx Token, they will be able to offset these costs, while also incentivizing patients.”
BlockRx ICO Information
Interview with BlockRx
BitcoinChaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
BlockRx: The manufacture of a single medicine from raw materials to retail involves multiple companies spread across the globe. Every company uses its own enterprise resource planning software; each one is subject to a variety of national regulatory frameworks; each one values secrecy at all levels of the business. This makes the drug supply chain a highly fractured, extremely siloed environment. Consequently, drug manufacturers do not have an effective way to securely, transparently, and rapidly track the provenance of drugs or to access the data required to combat counterfeit drug sales. Without an end-to-end solution that provides the visibility and traceability needed to track a drug from raw ingredients to patient, drug manufacturers will continue to struggle to secure the drug supply chain. Regulators have recognized this, and have passed “Track and Trace” laws set to come into effect in 2018. These laws mandate traceability across the drug supply chain, from Active Pharmaceutical Ingredient to packaged goods. Therefore, the regulation impacts a global network of companies that lack a data sharing framework, including raw material suppliers, manufacturers, third-party logistics, wholesalers and pharmacies. Since these companies are so siloed, the industry requires a secure, transparent, and distributed technology solution. Blockchain is a natural fit.
BC: How will your project address this problem, market deficiency or opportunity in a unique way?
BlockRx: The most unique features are the introduction of the BlockRx Token to incentivize and offset the costs of implementing the Blockchain, and that we are data type and Blockchain agnostic. One of the main complaints we heard from pharma companies, while developing our solution over the last 3 years, has been the cost of remaining compliant. With the BlockRx Token, they will be able to offset these costs, while also incentivizing patients. The next unique feature is that we are data type and Blockchain agnostic. We are partnered with Intel and we are launching with the Hyperledger Sawtooth because it is currently the most robust enterprise-level Blockchain solution available. However, if participants wish to use another Blockchain platform, they are free to do so. We also permit companies to define what data is relevant to meet the Track and Trace Regulations. This means companies do not need to change their existing processes, and can accommodate sensors, barcodes, serial numbers, internal ERP-generated codes, etc. This also guarantees future-proofing with respect to evolving business processes as IoT and AI play more prominent roles in drug supply chain management.
BC: How do you think that competition will develop following your ICO?
BlockRx: We have been working on our solution since 2014 and are currently the only ICO with a focus on the pharmaceutical drug supply chain, so we expect to be the leaders in this space. Some would-be competitors have been designed with other supply chains in mind (such as food) and only very recently started to think of medications, so they will not be as immediately familiar with the culture and environment of pharma. Those projects also tend to focus on the immediate use of IoT-enabled sensors, which are not yet major factors in the day-to-day operations of companies in the pharma drug supply chain. This will allow us to occupy a prominent space with operations managers who need a forward-looking solution that can still work with their existing processes. One group that will impact this segment are the companies applying Blockchain to health records, but they are mostly focused on hospitals and insurers. This is a vibrant space and we expect to intersect and collaborate with these healthcare-focused companies as we move into more patient-centric models that tie in drug supply, patient outcomes, and policy in 2018 and beyond.
BC: For all those who have read your white paper and are still on the fence about contributing to your ICO, what can you tell them that could lead them to buy into your project?
BlockRx: We have been working on our solution since 2014, in conjunction with leaders in the pharmaceutical industry. We have a viable product, and projects ready to start in Q4 2017/Q1 2018 with companies who must have traceability in place by the end of 2018.
Our focus is not on how we believe the drug supply chain should look a decade from now. Instead, we are here to help ensure companies attain regulatory compliance when the EU and FDA mandated Track and Trace Regulations come into effect in November 2018, and look forward to building solid working relationships so we can shape the future of the pharma drug supply chain. By enabling participants to choose their own Blockchain, as well as defining their own data types, future-proofing is built-in to the BlockRx Ecosystem.
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