(Yicai Global) Aug. 29 -- Alihealth Information Technology Ltd. [HK:0241], a subsidiary and health care platform of the Chinese tech behemoth Alibaba Group Holding Ltd. [NYSE: BABA], has forged a China Drug Safety Traceability Alliance in Beijing with over 10 Chinese pharmaceutical companies participating.
The Alliance includes companies such as Tasly Pharmaceutical Group Co. [SHA: 600535], Guangzhou Pharmaceutical Holdings Ltd., and Sichuan Kelun Pharmaceutical Co. [SHE:002422]. The Alliance aims to protect the whole process of drug production and circulation with a drug safety traceability system.
As a founding member of the alliance, Alihealth serves as the Alliance's technology provider. Alihealth launched a third-party traceability platform last year. At present, the platform includes more than 6,000 pharmaceutical companies.
The Alliance will focus on four areas, including setting up the drug traceability platform, developing consumer drug safety services standards, studying the application of block chain technology in the field of drug traceability, and developing medical data security applications, said Wang Peiyu, vice president of Alihealth.
The Chinese Pharmaceutical Enterprises Association expressed support for the establishment of the Alliance. Niu Zhengqian, vice president of the association, encourages the efforts of Alihealth to maintain drug safety and welcomes more involvement by institutions, scholars and third parties.