Caywon Pharmaceutical Group, Ltd. has revealed that it will become the first international pharmaceutical company to adopt Crowd Machine as the key enabling technology to power its Pharma 4.0 digital transformation initiative. The partnership was advised by Sutton Stone Venture Builders, an expert advisory consultancy firm specialising in blockchain business modelling and implementation strategies.
According to a recent McKinsey study, the pharmaceutical industry is nearly dead last among the eight major industries studied in terms of digital maturity (only the public sector fared worse). However, as the industry moves towards specialisation and globalisation, outsourcing activities have greatly increased the complexity of the supply chain.
In a world where the complexity of supply chain requires a high-level of system integration, there will be enormous data volumes that need to be analysed and shared across the virtualised value chain.
‘To unlock the value in this digital future, the combination of deep pharma domain knowledge and IT implementation capability is required’ says Dr. Matthew Lee, VP of Innovations of Caywon. ‘Having a digital platform that is friendly to domain experts who lack coding skills is going to be essential in unlocking the value of domain know-how trapped inside the heads of our domain experts.’
Crowd Machine bridges the communication gap between pharmaceuticals experts and technology, by enabling these experts to provide their domain knowledge through applications easily and efficiently. In addition to providing an app development engine that requires no coding, Crowd Machine is capable of getting blockchain-agnostic decentralised apps and smart contracts to market up to 45x faster than regular methods.
Caywom will leverage recent changes in pharmaceutical regulations in China, to be one of the first drug companies to take advantage of China-US dual filings and virtual drug development regulations that allow a drug developer to hold a drug license without owning a manufacturing facility. The company seeks to accelerate the translation of biomedical advances into innovative products through “distributed partnering”.
Unlike the conventional fully-integrated model of drug development, that houses drug development and manufacturing under the same roof, Caywon focuses its efforts on product definition, project management, and outsourced manufacturing to assemble a diverse portfolio of drug products that would not be possible under conventional models. It is a new breed of drug product development led by a team of former pharma IP attorneys and drug development experts.
To further advance a distributed partnering model, Caywon envisions a digital enterprise where the supply chain workflow can be re-configured on-the-fly based on individual project requirement while maintaining the highest level of data integrity, manufacturing quality and product safety through the use of blockchain technologies.
‘We’re really excited to be working with Crowd Machine to create a secure and robust platform that will easily enable non-tech-savvy pharma-experts to apply their knowledge and expertise to the development of new medicines,’ says Dr. Lee.
‘We’re about to make a significant contribution to medical advancement,’ says Caywon CEO Weining Yang. ‘We expect our partnership with Crowd Machine will become a flexible partnership model that will inspire even greater developments in this, and other fields.’
Caywon will become one of the first movers in China to specialise in decentralising the pharmaceuticals development process. Crowd Machine’s technology will help with this process, enabling Caywon to bring remote teams together and standardise processes, systems and information sharing in a secure way.
To capitalise on this opportunity, Caywon has established a US-subsidiary, Lyon Stone, to lead the charge in creating Crowd Machine solutions for the pharma/healthcare industry.
With increasing pressure to make drugs traceable, especially as the market is inundated with a lot of counterfeit products, blockchain technology is already dominating a lot of conversations in the pharma-space.
‘We truly appreciate the opportunity to work with Caywon and Sutton Stone,’ says Craig Sproule, founder and CEO of Crowd Machine. ‘This is a very timely and strategic partnership that will enable us to apply the concept of decentralised development to a multitude of industries on a worldwide scale.’
Caywon Pharmaceutical is one of the few selective partners joining the growing rank of the Crowd Machine consortium.