Blockchain for Healthcare: the FarmaTrust solution
21 February 2018
Raja Sharif, Founder and CEO
It may be a $1trillion industry both critical for the preservation of life and health of society, but the pharmaceutical sector is not immune to the numerous challenges from criminal enterprises, ineffective stock control and lack of visibility of its supply chain.
Perhaps the most visible – and shocking – indicator in recent years has been the global rise of fatalities attributed to counterfeit drugs. According to the European Alliance for Access to Safe Medicines (EAASM), 97 of online drug sellers are not legitimate, and 62 per cent of medicines bought online turn out to be fake. In developing countries the danger is even higher – in 2016, 40 million doses in these countries were counterfeit, many of which were sold in online pharmacies.
The FarmaTrust solution
A serious condition indeed – but there is a cure. London start-up FarmaTrust has developed a way to track pharmaceuticals through the supply chain, using blockchain technology, by linking digital systems to the physical goods themselves. The system is both future-proof and does not depend on proprietary technology – manufacturers can track their products from factory to pharmacy counter, and once purchased, the consumer can then double-check the product’s authenticity by scanning the barcode using a free smartphone app.
This blockchain solution is safe, secure, encrypted and immutable – and puts FarmaTrust at the spearhead of the war against fake drugs. The new platform is globally available, fully compatible with legacy systems, and can be configured to ensure compliance with a multitude of regulatory regimes. It represents an early but crucial step in furthering the development and use of machine learning and AI technologies within the pharmaceutical sector at large, simultaneously protecting consumers and increasing efficiency and revenues.
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