If the retailers are the last line of defense against counterfeits, then Drug Manufacturers are the first. Securing the drug supply chain starts with securing the point of manufacture, below is an outline of the problems currently facing the industry and how the FarmaTrust system will work to solve them.
Pharmaceutical Manufacturers today face a host of problems, mostly to do with downstream visibility and demand forecasting and planning. Many of these problems stem from the lack of interoperability of Enterprise Resource Planning Systems between companies, which creates a need for expensive and complicated coordination processes, often through third parties. Even still, companies are left without a complete picture of their supply chains and left guessing at what the needs of the market are. Without Blockchain, companies have no choice but to trust the data they receive from their supply partners and intermediaries, with little to no opportunity for independent verification.
Increased visibility, improved coordination, and closing the supply gap are nearly perfect use cases for Blockchain and AI. To increase visibility, the Tracking Map will provide a comprehensive and contemporaneous picture of the entire supply chain, while the Events Timeline allows for in depth analysis of Transaction Histories down to the individual product level. In regards to interoperability, the Zoi Platform’s API will bridge the divide between the traditional data silos seen in the Pharma industry with its ability to seamlessly integrate with legacy systems. Not only that, but the FarmaTrust solution is hardware and sensor-neutral, so it can operate with any and all sensor-types, including those that haven’t yet been invented.
To address the supply gap - the disparity between supply and demand - the Zoi Platform will be able to use data gathered from every step in the chain, from manufacturer to distributor to retailer, to create exponentially more accurate demand signals and inventory controls. While remaining data confidentiality through our IAM.
What’s more, Blockchain allows companies to share only the data that will ensure mutually beneficial improvements, and none of the confidential or proprietary information that won’t.
Company: Fight Fakes Pharmaceuticals
Persona: John, VP of Global Supply Chain
John is the Vice President of Global Supply Chain at Fight Fakes Pharmaceuticals, a company that produces and distributes a variety of generic medicines around the world, mainly in the European markets. At a recent strategy meeting, the CEO and CFO expressed concern about increasing expenses stemming from forecast inaccuracy and lack of visibility of the supply chain, and directed John to champion a project to correct the following issues:
Last quarter, the demand forecast was problematically inaccurate. This resulted in overstocks and expired products in some regions while in others there were shortages that required costly expedited shipments to correct. John’s objective is to reduce these unplanned expenditures by reducing the forecast’s mean absolute percentage error (MAPE) below 5% and to maintain Service levels above 95%, meaning 95% of orders are successfully filled within the specified time frame.
To address these problems, John has decided to enlist the help of FarmaTrust’s Zoi Platform. The process of integrating the FarmaTrust API with the existing Supply Chain Management System at FF Pharmaceuticals will be swift as the FarmaTrust platform is designed to integrate with all existing legacy systems and to work with any hardware and/or sensors. Once that is done, tokens are moved into company controlled wallets, where they are attached to individual packets as they are produced and follow alongside each one on its journey through the supply chain.
Track & Trace
Choice of using their own serialization system or for the creation of a new S/N system through the Zoi Platform, compatible with various labelling and management systems
The Real-Time Tracking Map provides an intuitive and accurate full-picture with immutable and verifiable track-and-trace data for every individual drug packet.
The Chronological View and Transaction History tools allow for in-depth analysis and seamless internal audits for identifying problems and improvement opportunities.
Companies will be able to share valuable logistical information with supply chain stakeholders through the use of Zoi tokens, providing their partners with all the information necessary for smooth coordination and mutually beneficial improvements while exposing none of the proprietary data, giving John and FF Pharmaceuticals unprecedented access to usage and sales data of upstream suppliers and even more importantly of downstream distributors and retailers
With this new wealth of data, John’s team can create new and much more complex demand signals based on not only their own data, but on transaction data from every node in the supply chain. These signals will be exponentially more accurate, as they will be developed from a much more complete set of data, and will adjust to shifting conditions in real time.
To address service levels specifically, inventory controls can be integrated right in the FarmaTrust platform to signal imminent stockouts, reorder points and quantities, safety stocks, and upcoming expiration dates in a timely manner and with the utmost accuracy.