In 2011, global pharmaceutical sales were in excess of USD 654 billion and today, have crossed the trillion-dollar mark. The pharma market is ever expanding and the profits are huge. The market has always been a lucrative one and that has led to some serious problems within it, the biggest issue being counterfeit medication. According to estimates, the counterfeit pharma business accounts for USD 200 billion annually.
Fake medication is a serious health problem. With people and organizations in the illegal trade concerned about only profits, they use the lowest grade of material for their manufacturing. Some of the chemicals are out-rightly lethal for consumption, such as rat poison, floor-polishing material and other assorted industrial toxic chemicals. Even if actual medical ingredients are used, the quality and the quantity is also in question as deviation from set standards still means that the health and lives of patients are being played with.
FarmaTrust And Systech Partnership
FarmaTrust is a blockchain based platform that is designed towards controlling the supply chain of pharmaceuticals in an end to end basis so that counterfeit and substandard medication cannot be sold to the market. The platform uses advanced technology distributed ledgers and trustless environment to make sure records are not tampered with and leverages smart contracts and artificial intelligence to smooth out processing and to iron out efficiencies in the current supply chain.
Systech is a three decade old organization that is famous for using the latest in technology and management functions to help the global pharma business in fighting piracy and increasing supply chain effectiveness. The organization has helped countless pharma companies in combating counterfeit and low grade medication supplies.
The partnership between the two global leaders in their fields has created a beneficial environment for the worldwide pharma trade. Using FarmaTrust’s technological innovation, Systech will be able to increase its efficiency and effectiveness, especially using its machine learning algorithm and automated contracts. FarmaTrust also gains access to one of the biggest user base in the industry and working with Systech means that its artificial intelligence will improve with access to the data. Ultimately, the world and patients benefit.
Ara Ohanian, CEO of Systech said, “In Systech’s continued commitment to advance supply chain security, we have partnered with FarmaTrust to integrate their proven blockchain solutions.” He also added, “By combining their bulletproof blockchain and AI solution with our authenticated and trusted e-Fingerprint® technology, we have created a foolproof solution in the fight for pharmaceutical supply chain safety and authenticity.”
Simailarly, FarmaTrust’s CEO, Raha Sharif was very excited about the partnership, “This is a significant deal and we are fortunate to work with Systech and integrate our blockchain technology with their compliance, traceability and authentication solutions. This combination is the only non-additive solution that can guarantee product authenticity throughout the supply chain journey. It’s also great to have a partner who has global coverage as well as a 32-year history of partnering with the world’s 20 largest pharma companies.”
FarmaTrust Benefits
FarmaTrust, with its blockchain platform and integrated smart contracts and artificial intelligence, offers unique advantages to the pharma industry, that are smart, efficient, easy and cost effective:
- At Pharma Production End:
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- Cheaper and quicker approach to product tracing.
- Integrates into existing supply chain.
- Immutability of data.
- Production costs kept hidden to ensure a healthy market competition.
- Decreasing production time through artificial intelligence management.
- Demand flexibility adjustments.
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- Easy integration into current supply chain system.
- Machine learning algorithm to give efficient routing of supplies.
- Flexible according to demand.
- Data immutability and protection.
- At Government/Regulatory End:
- Easier to integrate into current systems.
- Instant tracing and verification of medicines.
- Immutable records mean tampering is not possible.
- Increased diligence and control over violations.
About FarmaTrust
Leveraging on the power of blockchain and its associated smart contracts and integrated artificial intelligence, FarmaTrust is the go to platform in the pharma industry. The organization ensures that medication in use are free from tampering, counterfeit products and subpar manufacturing.
The platform is designed to be user friendly and spans across the whole supply chain, from sourcing of ingredients to the final delivery of products to patients.
About Systech
With more than three decades of servicing the pharma industry for supply chain security and product authentication, Systech has always been the innovator in the industry to utilize the latest in managerial and technological advancements. Their expertise include in line inspections, packaging safety, tractability of product, tracking of source materials and much more. The organization today serves more than 500 companies worldwide.
With an estimated 1 million deaths annually from fake medication all over the world, the alliance between FarmaTrust and Systech is a welcome move to combat the evil of counterfeit medicine trade.
