FarmaTrust is a global pharmaceutical provenance system based on blockchain which allows companies to track their products, ensure integrity of data and provide advanced AI/data analytics services. Our services ensure pharmaceutical companies comply with their regulatory requirements and have cost savings by automating processes through smart contracts, as well as transparency of their supply chain. Incorporating AI and machine learning will also allow FarmaTrust to provide value added services.
Our business verticals are:
(i) Authentication/Track and Trace Services;
(ii) Cell and Gene Therapy Services
(iii) Clinical Trials
What are the problems FarmaTrust solves?
Provide end to end supply chain transparency
Eliminate wasted drugs through expiry dates or environmental conditions
Eliminate counterfeit drugs and save lives
Provide transparency and visibility to governmental, NGOs and commercial operations
What are the industry numbers?
Pharmaceutical industry is worth $1.2trn and expanding
Pharmaceutical industry will be worth $1.5trn by 2021
Cannabis Market $7.06bn ($146bn by 2025)
Online pharmacy industry is worth $75 bn pa
Counterfeit Drugs industry is worth $200 bn pa
Supply Chain Management industry is $80 bn pa
Pharmaceutical Cold Chain Logistics is $13.4 bn pa
Pharmaceutical R&D $149.8 bn pa
Expired drugs estimated $6-10bn pa (USA)
Waste through storage $2bn (USA)
Pharma Returns Fraud case in one instance $480m
What is the FarmaTrust objective?
Create easily accessible data from Supply Chain Participants in the Pharmaceutical industry and thereby:
(a) Save lives globally by eliminating counterfeit drugs;
(b) Prevent price spikes through even global distribution of drugs;
(c) Use predictive AI to ensure drugs are delivered “just in time”, to the right place;
(d) Use machine learning to find greater efficiencies in Supply Chain Management and routes to market;
(e) Reduce corruption in the supply of drugs by ensuring drugs go where they are meant to (no diversions)
(f) Use smart contracts to assist in automatic audit
(g) Use smart contracts to make automatic tax payments
(h) Use smart contracts to make automatic payments
(i) Provide data dashboards to Ministry of Health, Regulators and Pharmaceutical companies
Why is FarmaTrust Different?
● Ensures data integrity through blockchain technology so has immutable records unlike Cloud based systems
● It works in both Emerging and Developed markets (it uses smartphone apps in Emerging markets)
● It can be easily scaled, globally
● It works with legacy systems (hardware and software neutral)
● It works in parallel with existing systems - no additional costs
● It is blockchain platform neutral
● It provides services to companies as well as the consumer (consumer app)
● It uses AI and machine learning to provide value added services to companies, governments and NGOs
Our product is unique because:
(i) Our service can be used in the developing world (through our apps) and developed countries (through APIs). So it works in Sudan and Germany;
(ii) Our service allows pharmaceutical companies to comply with their legal regulations for Track and Trace which are coming in 2018 (USA) and 2019 (EU);
(iii) Our service is hardware and software neutral – customers do not have to change the current systems that they use;
(iv) We are edge sensor neutral – we do not sell you any sensors or labels. We can work with any third party sensors or standard 2D/3D labels or RFiD labels. So we are flexible and customisable.
(v) Our service can provide automated audits, tax compliance, regulatory reporting, and payments;
(vi) Our service can provide automated law enforcement notification when there is a concentration of fake drugs found in a particular area;
(vii) Our service can work with different regulations worldwide;
(viii) Our service customer base and revenue streams are diversified as it provides services to governmental bodies, regulators, logistic companies, pharmaceutical companies, pharmacies and hospitals. We have different data dashboards for each
company or institutions;
(ix) FarmaTrust provide apps for pharmacies and hospitals which help with stock control and accounts;
(x) FarmaTrust will use AI/machine learning services which will allow us to provide predictive supplies and most efficient routes to market;
Benefits for Clients
● Cost effective approach to meet Track and Trace regulatory compliance.
● Lightweight API driven system that is simple to integrate into supply chains.
● Minimal impact or disruption to existing systems.
● Low maintenance and overhead costs required to scale the system.
● Provides data transparency across the supply chain.
● Zero knowledge proofs mean data can be kept confidential and different pricing regimes for different customers.
● Machine learning services in respect to efficient routes to market.
● Predictive supply services in respect to providing information on which medicines to supply where, when and the required quantities.
Supply chain companies
● Both quick and cost effective to implement.
● Minimal impact and disruption to systems and processes.
● Easily integrates with existing supply chain management systems.
● Scalable, flexible, and robust enough to handle complex supply chain workflows.
● Zero knowledge proofs mean data can be kept confidential.
Regulators and law enforcement
● Convenient access to real time information about products in the supply chain.
● A quick and easy method to verify status of genuine pharmaceutical products.
● Streamlined digital workflow and immutable record of data history minimises risk of manual errors; and
● Instant access to accurate and complete product history. Governments
● Provides holistic view of medicines within the territory.
● Accurate and easy access to where state subsidies are being spent.
● Allows for financial and/or budget forecasting.
● Allows accountability of governmental bodies, spending and waste.
● Provides significant transparency in respect to State finances in healthcare.
Retailers and consumers
● Confidence in genuine source of pharmaceuticals.
● Increase confidence in purchasing pharmaceuticals on medicines.
● Reduced risk of purchasing fake or counterfeit products.
● Ability to quickly verify genuine products.