London, UK 21 March 2018 — FarmaTrust, a London (UK) based blockchain startup and global drug tracking system has officially signed its second partnership within less than a month in the Asian region, this time with Gaco Pharmaceuticals in Dhaka, Bangladesh.
As Mr. Omer Farooque, Managing Director of Gaco Pharmaceuticals has pointed out: “We have signed an MOU with FarmaTrust to modernize and secure our supply chain to ensure there are no counterfeit medicines under our label as well as providing us with valuable data. FarmaTrust is the premier company for blockchain technology innovation that we trust we can successfully implement and customize to our exact needs. FarmaTrust has developed a holistic approach to eliminate counterfeit drugs meanwhile creating efficiencies for the manufacturers and also provides an easy access tool, a freely downloadable mobile app to consumers to control the authenticity of the medical products they intend to purchase. Our choice was an easy decision at the end of the day particularly because of their cost-efficient solution and comprehensive information modules.”
FarmaTrust CEO, Raja Sharif, explains, “Gaco Pharmaceuticals Ltd is one of the leading generics pharmaceuticals manufacturing companies that has established its credibility and has earned the confidence through its range of quality medicines. It also has been recognized as one of the fastest growing companies in the pharma industry in the region, and FarmaTrust can assist them in ensuring brand protection through quality assurance to consumers. The FarmaTrust solution will incorporate data analytics, machine learning, automated regulatory reporting and in future smart contracting, all of which will increase the efficiencies and therefore support the company’s growth.”
The blockchain start-up has previously signed an MOU with the Mongolian government (12 February 2018) to pilot a one-year project aimed at preventing the creation and distribution of counterfeit medications. The project will include both governmental and non-governmental parties in Mongolia, including the Mongolian e-Government Center NGO.
FarmaTrust is the most efficient global tracking system which provides security to the pharmaceutical companies, governments, regulators and the public, that counterfeit drugs do not enter the supply chain. Our Blockchain based system utilizes Artificial Intelligence and big data analysis to provide the pharmaceutical industry with value-added services which allow for more efficient processes and methods as well as a more transparent supply chain. Our system is safe, secure, encrypted and immutable.
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In the news:
Press release announcing MoU with Mongolian Government.
Business Reporter, The Telegraph: Blockchain for Healthcare: the FarmaTrust solution.