What is FarmaTrust?
FarmaTrust uses Blockchain to seamlessly and accurately trace individual packets of pharmaceuticals throughout the global supply chain with the aim of eliminating counterfeit drugs, saving lives, and creating efficiencies within the pharmaceutical sector.
FarmaTrust’s Zoi Platform will aid our partners - Pharmaceuticals, Regulators, 3PLs , NGOs, and Law Enforcement - in creating an interoperable and mutually beneficial network.
See our video for an overview of the FarmaTrust Solution and how it will secure the supply chain
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Current Problems?
Substandard and counterfeit drugs are a massive problem around the world, resulting in the deaths of up to 1 million people every year and with an estimated market size of 200 Billion USD. World Customs Organization’s Anti-Counterfeiting and Piracy Coordinator Christophe Zimmerman has even made the shocking claim that “We have more fakes than real drugs in the market.” Within the pharmaceutical supply chain, Accountability, Authentication, and Visibility are of the utmost importance. Due to the inflexibility of legacy systems and fragmented technological solutions, it has become increasingly difficult to track a single packet of drugs from the point of manufacture to the point of consumption, and even more difficult to hold parties accountable when problems do arise. Legal obligations such as track-and-trace and the upcoming Falsified Medicines Directive (scheduled to go into effect in February 2019) and Drug Supply Chain Security Act - scheduled to go into effect in 2018 - mean that it is important for all members of the supply chain to be responsible for not only their operations, but for the integrity of their partners as well. Given this, an interoperable and collaborative solution will be essential not only for adapting to a shifting regulatory environment, but for improving patient wellbeing and saving lives.
The FarmaTrust Solution
FarmaTrust is the perfect partner for addressing the problems currently facing the Pharmaceutical Industry. Our Regulatory Compliance and Track-and-Trace tools will help Pharmaceuticals and Logistics Providers remain in compliance while also aiding Regulators and Governments in monitoring their jurisdictions and holding companies accountable. The Supply Chain Visibility features will provide every member of the supply chain with an accurate and verifiable full-picture of the supply chain in which they operate. Lastly, and most importantly, the Consumer Confidence App will allow end consumers to ensure the authenticity of each and every packet of drugs. FarmaTrust has identified four main areas of concern within the Pharmaceutical Industry and has a built a solution to address each one. Each solution is meant to work together to create a safer and more efficient supply chain, with the ultimate goal of eliminating counterfeit drugs entirely.
