FarmaTrust announces it's collaboration with the Mongolian government to combat counterfeit drugs, becoming the first blockchain-based tracking solution in the pharmaceutical industry
LONDON - November 2018 - FarmaTrust, the leader in pharmaceutical supply chain security,
announces a further progress with Mongolian Government to launch the first blockchain track
and trace project in the pharmaceutical industry, aimed at eliminating counterfeit medicine in the
country. The project is a collaboration between governmental and nongovernmental parties,
which includes the Specialized Inspection Agency of Mongolia and the Mongolian e-
Government Center NGO. This is further to the MoU signed by all parties in February 2018. The
feasibility study was signed at the House of Lords, London in the presence of FarmaTrust’s
Chairman, Lord Anthony St John of Bletso.
FarmaTrust uses blockchain technology to seamlessly trace individual packets of medication
and pharmaceuticals across the global supply chain. FarmaTrust's mission to eliminate
counterfeit drugs aims to save lives while creating efficiencies within the pharmaceutical sector.
By employing blockchain, FarmaTrust creates an immutable ledger that traces and secures
global, pharmaceutical supply chains that utilize AI and big data analysis.
In working with the Mongolian Government, FarmaTrust aims to prove just how effective the
FarmaTrust system is, working in emerging markets, as well as developed markets. It will begin
by administering feasibility reports, monitoring the national government, and inspecting
pharmaceutical supply chains, warehouses, and relevant retailers.
The partnership is a government agency agreement that offers performance longevity and the
opportunity to act as a case study for other governmental bodies around the world particularly
those in countries where regulatory environment is unclear and they lack technology
infrastructure. The project will cover all medicinal products in the whole territory, rather than just
individual product lines in a particular private enterprise. This will be the first ever
implementation of a blockchain-based track and trace solution within the pharmaceutical
industry, as well as in this particular territory, that does not already possess an existing technical
infrastructure. The Special Inspection Agency anticipates the installation process to happen in
Q2 2019 after certain legislative and budgetary requirements have been met.
“We’re extremely excited to be partnering with the Mongolian government, as it validates our fully
functioning blockchain solution, rather than just concepts and vision. Finally, our life-saving
project will become a live implementation,” said Raja Sharif, CEO of FarmaTrust. “The project
will display FarmaTrust's ability not only as a primary blockchain company, but an entity that can
work on a consultancy basis at country level.”
“FarmaTrust is making great strides in the commercialisation of its blockchain based
technology, with a number of key customer and partnerships in recent months” added Sharif.
“We have firmly established ourselves as a leader in the field, and 2019 should see an
acceleration of the number of customers using our services”.