Sonoco ThermoSafe, a subsidiary of Sonoco, is developing a vendor-neutral blockchain platform to deliver improved transparency and traceability across the pharmaceutical supply chain.
PharmaPortal, the platform, is being built on IBM Blockchain Transparent Supply.
The platform is built in response to the growing needs to trace assets across different supply chain participants and record truth on all events generated through the journey.
It will integrate these data with other businesses across an industry-scale network.
Sonoco president and CEO Howard Coker said: “Only through the collaborative efforts of all members of the temperature controlled pharmaceutical distribution process can we achieve the safety and efficiency that the world needs from us in this critical time.
“An effort of this magnitude requires a high level of industry engagement to make a meaningful difference in the lives of people around the world. IBM has had success working across a number of sectors where implementing blockchain networks transformed the efficiency and effectiveness of the supply chain, and we see the same opportunities in the pharmaceutical space.”
PharmaPortal will initially focus on end-to-end traceability of temperature-controlled drugs, including vaccines and provide an audit trail of environmental condition monitoring.
Under this initiative, Sonoco will collaborate with industry leaders to enhance the safety and efficiency of global temperature controlled pharmaceutical distribution.
A PharmaPortal Advisory Council will be appointed in the coming months with the increasing network growth. It will comprise willing representatives from the pharmaceutical industry.
Recently, Sonoco announced plans to upgrade its corrugated medium machine in Hartsville, South Carolina, US, with an investment of $83m.