CEO Update, June 2019
CEO Update, June 2019
June 30, 2019
June marks the middle of the year, and as such, is a good time to take a look back. We have been testing the waters outside of Switzerland for six months now. In 2018, as we completed the development of our solution, we primarily talked to a small group of selected partners and customers. This year, with a great solution in Switzerland on hand, we reached across all of Europe and the whole industry to talk to all supply chain participants, which was a great leap forward. Let’s have a closer look at what we learned:
While we onboarded customers in Switzerland and met interested parties here, we also screened markets in Europe – which continues to give us a good read on where we can develop fast traction and also confirms that the scale of the pain points that we can solve for our customers in our home market are also an issue internationally. The validation of our market understanding shows us that we are on the right track with our commercialization strategy.
One of our key findings was that pharmaceutical manufacturers need a secure and reliable way to track product stability data across their whole supply chain: from the factory, through the intermediaries, all the way to the patient. Basically, the product stability budget establishes the time a drug can be out of ideal storage conditions, without forfeiting its effectiveness.
If you talk to different supply chain participants, their answers point out the different aspects and requirements of this need. Let us start at the beginning. The manufacturer produces medication with the greatest care. Sensitive active ingredients are stored and processed at ideal conditions, and when the product leaves the manufacturer, it is unscathed. This is then the condition it should travel through the whole supply chain, to ensure safeguard effectiveness of the drug, patient safety, and also the manufacturer's reputation. This calls for state-of-the-art ways to monitor cold chain pallets as well as easy access to data pertaining to transport conditions. The majority of the manufacturers we talk to are currently looking for future-proof and digital solutions that allow them to do this for their product distribution as well as their clinical trials in a much more scalable way as to optimize their yield and to demonstrate the care they put into this monitoring as part of their quality assurance measures. In combination with the industry trend toward a medicinal product that is designed for specific patients and also more and more directly delivered to them, we are in a great position to service those new needs with our solutions. For this reason, we now see a lot of interest from big pharma companies in working with us.
If we take a closer look at forwarders and thermal insulation box manufacturers, for instance, the need of the pharma brand owners results in an increased pressure on those companies to provide more transparency towards their customers. Imagine a shipment of insulin being transported to point of dispense: Insulin needs to be refrigerated at temperatures between 2-8°C. The customers of the forwarder desire evidence – especially in the current heat – that their product was shipped in correct conditions, thus the forwarder needs to make sure that he can reliably collect the measurement data and feed it back to his customer.
As a package is often handled by different people several times along the supply chain, having an automated temperature tracking solution simplifies both the monitoring of compliance and pinpointing the party in custody in the chain, which increases trust between the parties by relying on immutable data.
With our temperature tracking solution implemented, any freight forwarder can prove that the shipment was compliant with the predefined temperature range at any given time of the journey with minimal extra handling effort.
Why are we pointing this all out? In the coming months, we will share more insights on the different stages of the supply chain and explain what use cases we see happening behind the scenes.
I’d also like to highlight two of the conferences we attended this month. Robert von Arx, our Director of Business Development, joined the ISPE COP Investigational Products Conference in Berlin, where he met with decision makers and got valuable insights on the challenges specific to the supply chain for clinical trials.
Together with Yves Holenstein, Carl Spörri, our Chief Commercial Officer, attended the Temperatuz conference in Barcelona. Carl held a speech that aimed at continuing to educate and inform people on how blockchain can really support the supply chain.
Finally, last Friday, Tobias Peltenburg Brechneff, our Chief Operations Officer, attended the HSG Supply Chain Innovation Day, in Rohrschach, Switzerland to discuss the future of supply chain management and the advantages Blockchain can generate for the value chain along with Prof. Dr. Erik Hofmann, students, and representatives from the industry.
For the coming month, we have no major conferences lined up – Europe is on summer vacation. However, we’ll still be working hard, putting this time to good use to improve our solutions, update our webpage, refine our plans for MOD Day (keep a close eye on our social media channels for announcements), and prepare for a slew of conferences in early fall.
As you can see, we are continuously challenging ourselves to bring Modum to the next level and we are looking forward to an exciting second half of the year.
I am looking forward to a successful, sunny July and I wish you all the same. Thank you for your ongoing support.
– Simon Dössegger, CEO
30 June, 2019