FarmaTrust is a platform which plans to eliminate counterfeit medications and to create efficiency in the pharmaceutical industry, allowing the circulation of good drugs only (online and offline). The FarmaTrust platform, built on the blockchain makes use of artificial intelligence and big data analysis to secure the transportation of medicine and drugs from factories where they are produced to the consumer.
The pharmaceutical industry is one of the most important as it has to do with life preservation in the society. But it’s also one of the sectors being faced with severe threats as it battles with counterfeit drugs and drug inaccessibility to those in the under-developed part of the world. It looked like these challenges can never be solved until now; FarmaTrust finally finds a solution to these challenges using blockchain technology.
The Current Problem
WHO has estimated the value of fake drugs globally to be over $200 Billion yearly. 30% of medicines sold in developing countries are counterfeits, from the common ones such as aspirin, malaria, to cancer, HIV, and others.
In Africa, 30% of drugs sold are reported to be fake or substandard, and the figure keeps rising. Same with SOutheast of Asia where the number is a bit higher, with the percentage close to 40%. It’s said that these drugs result in a lot of deaths yearly. Over a million people die globally as a result of fake or substandard medications being administered to them. Even the best of medical personnel do not recognize these counterfeit products on sighting them; they are most times realized after the drugs have been administered to the patients and it’s probably too late at that point as such situations result in the death of the patient.
The situation in underdeveloped worlds is pretty disturbing. In Africa for instance where HIV and malaria are on the high side, it seems there are more cases of counterfeits drugs being distributed which are hard to monitor. As reported by WHO, 65% of malaria drugs being sold in Nigeria are fake. This means more than half of the population with malaria thinking they are curing or protecting themselves against malaria are taking ineffective and toxic products.
How FarmaTrust Provide Solutions To Problems Analysed Above With Cutting Edge Technologies
As things stand, the current solution to counterfeit products relies on packaging and other features with an increased closure of suspected fake drug seller stores by regulatory bodies. This hasn’t been able to solve the problem as counterfeiters are also able to produce exact packages used by the real companies making it hard to detect the real and fake just by looking at the packages.
Real manufacturers are also not able to track their products down to the consumers, most times the manufacturer sending those products down to the distributors mark the end of their distribution record. Not keeping an eye on what the distributors do with it, which most times they end up selling the products to counterfeiters.
FarmaTrust has therefore offered a customizable global secure solution, which is also flexible enough to work with any platform or process. FarmaTrust has offered to use a groundbreaking and efficient technology to tackle the problem, which is the Blockchain. With the technology being universally compatible and efficient, the Blockchain technology can tackle the supply chain of pharmaceutical companies efficiently.
With the use of Artificial intelligence, FarmaTrust interacts with users to analyze data. It’s to refine the platform to make sure users get the best of whatever they need and help them make decisions on what drug to buy.
The FarmaTrust platform is going to be an all in one platform that’ll be compatible with other platforms. This makes the platform connect other like-minded people from across the globe.
With a comprehensive inventory of user data, FarmaTrust will improve its products and services. These data are collected through the day to day interactions over the internet and analyzed using the AI technology.
With the best brains behind the FarmaTrust project, it is expected that more backing by different institutions will be seen in the nearest future to make this project a success. One of the most notable members of the team is Lord Anthony St John of Bletso who is an independent member of the House of Lords. With his position in the UK government and international politics, he can transform the pharmaceutical industry. Another known member is David Cohen, which explain in an interview why he joined FarmaTrust as an Advisor.
FarmaTrust has also been named the top tech company for 2018 by TheNextWeb, Hackernoon, Pulse, and Yahoo. Moreover, they established a partnership with the Mongolian government. More about that, you can read here.
You can read more about the company from their whitepaper.