LJUBLJANA, Slovenia, Jan. 19, 2023 /PRNewswire/ -- Trace Labs, the core development company of OriginTrail, is excited to announce that they have joined the Sustainable Medicines Partnership (SMP), a not-for-profit, multi-stakeholder, action collaborative of 48 organizations. The SMP is committed to reducing waste of medicines and medicines packaging, making medicines more accessible and more sustainable.
The purpose of the partnership is to bring together leading organizations from across the healthcare and pharmaceutical industry to collaborate and share knowledge, in order to find sustainable solutions to the challenges facing the industry. Trace Labs will play an important role in this partnership by supporting the creation of industry relevant knowledge assets on the OriginTrail Decentralized Knowledge Graph (DKG).
These verifiable knowledge assets will be used to advance the mission of the SMP by providing data that can be used to identify and track the movement of medicines and packaging materials throughout the supply chain. This will enable the SMP to identify areas where waste is occurring and develop solutions to reduce it. Additionally, knowledge assets will be used to improve the accessibility and sustainability of medicines by providing insights into the distribution and delivery of medicines to patients.
Nazneen Rahman, Founder and CEO at YewMaker, executive lead of the Sustainable Medicines Partnership, said: "I'm delighted Trace Labs has joined the SMP. Their technological expertise in delivering accessible, transparent, verifiable data in complex supply chains is highly relevant for the SMP's goals. We are hugely excited about the potential of the collaboration to improve the sustainability and accessibility of medicines."
Jurij Skornik, Trace Labs' General Manager, highlighted: "We are thrilled to be joining forces with other member organizations such as Pfizer, British Standards Institution (BSI), GS1, Walgreens, and AstraZeneca, to create a more sustainable and accessible healthcare system for everyone. As the healthcare industry continues to evolve, we believe that partnerships like the SMP are crucial for driving progress and finding innovative solutions. As part of this collaborative effort, we look forward to working with our partners to achieve our shared goal of reducing waste, improving access, and making medicines more sustainable."
Trace Labs has already deployed OriginTrail-based solutions in the pharmaceutical industry that make use of verifiable knowledge assets. AidTrust, a product developed jointly with their partner BSI, increases transparency and trust in the distribution of medicines by bringing together BSI's global presence and supply chain risk management expertise with the power of OriginTrail DKG. It enables visibility (product flows and utilization, inventory levels, etc.), risk alerts, and real-time decision-making at all stages of the supply chain while protecting the integrity, security, and privacy of data. Ultimately, the goal of AidTrust is to help donor organizations and NGOs demonstrate that donated medicines were handled properly and reached the intended patients, even in challenging environments.
By joining the Sustainable Medicines Partnership, Trace Labs will bring the power of OriginTrail knowledge assets to the mission of reducing waste of medicines and packaging and making medicines more accessible and sustainable. They are excited to work together on innovative and impactful solutions in the next months and years.
OriginTrail is an ecosystem dedicated to making the global economy work sustainably by organizing humanity's most important knowledge assets. It leverages the open-source Decentralized Knowledge Graph that connects the physical world (art, healthcare, fashion, education, supply chains, …) and the digital world (blockchain, smart contracts, Metaverse & NFTs, …) in a single connected reality driving transparency and trust.
Advanced knowledge graph technology currently powers trillion-dollar companies like Google and Facebook. By reshaping it for Web3, the OriginTrail Decentralized Knowledge Graph provides a crucial fabric to link, verify, and value data on both physical and digital assets.
About Trace Labs
Trace Labs is the core developer of OriginTrail — the open-source Decentralized Knowledge Graph. Trace Labs' technology is being used by global enterprises (e.g. over 40% of US imports including Walmart, Costco, Home Depot are exchanging security audits with OriginTrail DKG) in multiple industries, such as pharmaceutical industry, international trade, decentralized applications and more.