Taiwan: TRPMA and DTCO Jointly Announce the Development of “TRPMA Biopharma Trusted Platform”

10-05-2016

Taiwan: TRPMA and DTCO Jointly Announce the Development of “TRPMA Biopharma Trusted Platform”

(Source: TRPMA 2016-05-10)

Taiwan Research-based Biopharmaceutical Manufacturers Association (TRPMA) announced the collaboration with Digital Treasury Corporation (DTCO) to jointly develop the “TRPMA Biopharma Trusted Platform”, an application of the latest Blockchain Technology.

To promote Taiwan biopharma industry-academia collaborations, industry needs to overcome challenges, including the lack of efficient channels and mutual trust between researchers and industry as well as IP protection concerns. TRPMA hopes that the Trusted Platform, which will be based on the adoption of the latest Blockchain Technology, can directly connect researches from the academia to the industry. Through the Trusted Platform, biotech companies and venture capital companies are able to have authorized access to drug seeds provided by researchers, which will significantly expedite the industry-academia collaboration process. Ms. Carol Cheng, COO of TRPMA, expressed that the industry’s adoption of the Blockchain Technology to build a trusted platform featuring IP notary services and data traceability etc., will consolidate mutual trust between the industry and the academia, speed up the topic selection and shorten the time needed from the bench to the clinical, and eventually to the market. Working with DTCO, TRPMA will further explore the feasibility of using the technology to help industry to manage supply chains and combat counterfeit drugs for the sake of the public’s medication safety.

Mr. Jacob Lee, CEO of DTCO, expressed that the use of Blockchain Technology is not only for financial technology innovation, but also for non-financial sectors. A 2015 report in the Economist pointed out that Blockchain Technology “is a machine for creating trust.” It resembles a distributed database that records transactions of any kind. All data is verified and recorded by different computers in order to maintain a shared public ledger. Once transaction data is verified it becomes part of a permanent and untamperable record.

The “TRPMA Biopharma Trusted Platform” is expected to be officially on-line at the end of July this year. More information will soon be announced on TRPMA website (www.trpma.org.tw).

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