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Reuters reports that more than half of vaccines go to waste globally every year because of temperature control, logistics and shipment-related issues.

Losses associated with temperature excursions in the healthcare industry are estimated at about $35 billion annually.  Given the scale and the magnitude of the COVID-19 vaccine rollout, the losses could be significantly higher in 2021, analysts said.  Logistical hurdles are a significant risk for efforts to rapidly distribute COVID-19 vaccines, but they have resulted in booming business for companies such as Varcode.

Varcode’s low-cost cloud-based, blockchain-enabled technology not only sends out alerts when a product goes outside its prescribed temperature range, but also captures the cumulative time that the product has been outside of the temperature range.

Joe Battoe, CEO of Varcode states, “I don’t think we would be garnering the attention, had it not been for the scale and the sensitivity of these vaccines”.

Battoe reckons the $5 billion global cold chain monitoring technology market could grow 50% next year, thanks to the vaccine rollout.

Read the full story here: Reuters

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