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 and Gene Therapy (or Personalised Medicine), 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?
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.
