As blockchain technologies continue to tackle counterfeit consumer products, fake drugs continue to plague the pharmaceutical supply chain.
Could blockchain also be the solution to this multi-billion dollar global problem?
FarmaTrust, a new technology entering the crypto space, has devised a solution. Using Artificial Intelligence and big data analysis, they will build a global tracking system to ensure counterfeit drugs do not enter the supply chain. Additionally they will improve it’s efficiency and transparency. By recording transactions, from the manufacturer through to the shipper and supplier and all the way to the consumer, they will create a decentralised and encrypted database, accessible to all parties in the supply chain.
Every manufactured product will be marked with a smart label accessible through all stages of the supply chain. Once it has reached the hands of the consumer, the product label can be scanned and it’s full journey can be viewed stage by stage and the product authenticity can be confirmed using the FarmaTrust application simply by scanning the smart label.
By unifying the supply chain, FarmaTrust has cut out potential middlemen in development and created a safe, trustworthy and recorded ecosystem for the production and global supply of medication. But unfortunately, a large majority of counterfeit drugs are to be found in less technologically developed areas. In 2012 in Lahore, Pakistan, two barrels of white powder confused in a pharmaceutical plant, resulted in the deaths of 213 people over a week and a half. In order to compensate for the different technological capabilities, the platform is being built to support older and less advanced hardware and software to enable adoption in less technologically advanced areas, including where not-genuine drugs may be more apparent.
FarmaTrust is using blockchain to address a global problem so far unsolved. It’s technology and database will enable control over the global pharmaceutical market, thereby saving lives all over the world.
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