Caywon Pharmaceutical Group Adopts Crowd Machine to Power its Digital Transformation Strategy in Virtualizing the Pharmaceuticals Value Chain
PRESS RELEASE: Caywon Pharmaceutical, Sutton Stone, and Crowd Machine have teamed up to Create a Decentralized Global Pharmaceutical Products Development and Commercialization Platform to realize the vision of Pharma 4.0
Hong Kong, China — 6 December 2017
Hong Kong, China, 6 December 2017 — Today, 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 specializing in blockchain business modeling and implementation strategies.
According to a recent McKinsey study, the pharmaceutical industry is nearly dead last among the 8 major industries studied in terms of digital maturity (only the public sector fared worse). However, as the industry moves towards specialization and globalization, 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 analyzed and shared across the virtualized value chain. “To unlock the value in this digital future, the combination of deep pharma domain knowledge and IT implementation capability is required” said 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.”.
Caywon Pharmaceutical is one of the few selective partners joining the growing rank of the Crowd Machine consortium. It is a new breed of drug product developer led by a team of former pharma IP attorneys and drug development experts. The company seeks to accelerate the translation of biomedical advances into innovative products through “distributed partnering”. By leveraging recent changes in pharmaceutical regulations in China, Caywon is among 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. 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. To further advance this distributed partnering model, Caywon envisions a digital enterprise where the supply chain workflow can be reconfigured 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” said Dr. Lee.
“We’re about to make a significant contribution to medical advancement” said 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 specialize in decentralizing the pharmaceuticals development process. Crowd Machine’s technology will help with this process, enabling Caywon to bring remote teams together and standardize processes, systems and information sharing in a secure way. To capitalize 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” said 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 decentralized development to a multitude of industries on a worldwide scale.”.
Crowd Machine bridges the communication gap between pharmaceuticals experts and technology, enabling these experts to provide their domain knowledge through applications easily and efficiently. In addition to providing app development engine that requires no coding, Crowd Machine is capable of getting decentralized apps and smart contracts to market up to 45x faster than regular methods.
About Crowd Machine
Crowd Machine is an advanced distributed computer. Embedded within the computer is an app development engine that requires no coding, enabling anyone to create decentralized apps and smart contracts without limitation.
About Sutton Stone
Sutton Stone commercializes young ventures and ventures by established businesses seeking to access new markets. This reduces the risks for investors seeking to invest in these high-growth offerings. This also helps regions and countries innovate and build a more robust knowledge-based economy.
Caywon Pharmaceutical Group, Ltd. was founded by IP attorneys involved in pharmaceutical litigation, making it a rare, highly-specialized team operating in the field of pharmaceutical product development. Caywon provides a unique global platform for business entities to benefit from modern science and technology advancement and applications through innovative transactional and commercialization programs. It has subsidiaries in the U.S., China, and Hong Kong.