What is FarmaTrust?
FarmaTrust is a future-proof blockchain and AI based provenance system for the pharmaceutical and healthcare sector. FarmaTrust’s digital services create efficiencies and transparency for the supply chain, eases the burden of the compliance requirements, reduces costs and eliminates counterfeit or substandard drugs. The system creates immutable and incorruptible records to ensure data integrity as well as using “smart contracts” to automate processes leading to significant cost savings for its customers.
The security of the FarmaTrust system means greater levels of confidentiality and security which reduces the overhead of achieving regulatory compliance.
FarmaTrust provides data and AI services, to assist its customers by providing greater insights, forecasting and planning capabilities.
FarmaTrust’s products work in three vertical markets, Pharmaceutical Tracking and Data services, Cell & Gene Therapy (or Personalised Medicines), and Clinical Trials services.
FarmaTrust’s Partners and Clients include Pharmaceutical companies, Wholesalers and Distributors, Regulators, NGOs, and Law Enforcement agencies.
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Current Problems?
The Pharmaceutical and Healthcare sectors suffer from a number of problems in respect of transparency, auditability, and sharing of data between many diverse, and often competitive, participants in the industry. This leads to greater costs, inefficiencies and higher risks to consumers, worldwide. The pharmaceutical supply chain has significant issues in respect of the infiltration of fake and substandard medicines, which kill approximately 1m people and is estimated to be worth $200bn by the World Health Organisation. Issues around corruption, diversions, and waste are a real problem. Medical devices and implants also suffer from high levels of counterfeits and inability to locate specific products when required. The new area of Personalised Medicines and Cell & Gene therapies require high levels of patient data confidentiality and time critical treatments with a clear audit trail that regulators insist on. Current paper based, highly regulated production environments and non-integrated tech systems mean that the efficiency is not available. Clinical Trials management has suffered from allegations of data being manipulated, test subjects not abiding by required routines or dosage and a lack of true double blind testing. Such issues can be tackled by digital solutions, but even under current services, there are challenges around data immutability or incorruptibility. There is an inability to share segments of data with selected entities, and the lack of data integrity means the industry faces challenges in respect of advanced data analytics and AI services.
The FarmaTrust Solution
FarmaTrust has developed an advanced, blockchain based solution that works worldwide and is technology as well as sensor neutral, giving our customer the flexibility to use solutions that meet their particular requirements. Our solutions cover the complete drug lifecycle requirements. From clinical trials, to pharmaceutical medicines or product tracking and personalised medicines. We are a long-term partner that has the flexibility to help you with your challenges and even customize solutions for your particular needs. We can ensure data integrity, clear chain of custody and identity with an unalterable audit trail which not only provides cost savings but also allows for faster speed to market. Our customers, be they governments or regulators, or private institutions can benefit from the data analytics as well as AI services which will provide enhanced benefits not just commercial but also from a consumer protections perspective.
