VeChain, the blockchain platform and crypto coin, is once again expanding it’s outreach in one of the most important industry groups during a pandemic, the healthcare sector. It has now signed an agreement with one of the largest pharmaceutical companies in the world, German company Bayer
The Asian blockchain company which boasts a highly active community in the crypto world says it will be developing a new blockchain-based traceability platform for Bayer China.
The Chinese management of the German pharma giant admitted in an interview Thursday it had chosen VeChain as their preferred tech provider to track clinical drugs across the supply chain.
CEO Sunny Lu confirmed the deal in a statement: “We’ve experienced the rigorousness of the medical industry by working with Bayer China. I feel Bayer’s professionalism and superb work ethic towards medicine and healthcare causes as a whole.”
The agreement with Bayer China marks another collaboration in Asia with a major worldwide company. Last June, the Chinese arm of supermarket chain Walmart agreed to work with VeChain on a new food tracking solution for China.
Expanding in healthcare
It is another win for VeChain in the healthcare sector. Earlier this year, it was heralded as crypto of the week on Jim Cramer’s The Street website after it made strides with San Francisco startup Real Items to help spot counterfeit KN95 masks amid the coronavirus crisis.
Given the problems that most western economies have had with identifying quality in medical gear during the Covid-19 pandemic, the cooperation between VeChain and this San Francisco start-up called Real Items in order to make sure each box of KN95 masks were shipped with a two-factor authentication QR code which can be recorded on VeChain’s blockchain was already very promising.
And just two weeks ago, VeChain signed an agreement with a group of hospitals in Cyprus to track medical data.