Global technology leader Systech announced a strategic partnership with pharmaceutical supply chain security FarmaTrust to provide authentic, safe, and connected products throughout their supply chain, September 12.
Trusting The Supplier Made Easier
According to their press release, the partnership would provide a revolutionary blockchain-powered solution for pharmaceutical industry that aims to leverage FarmaTrust’s blockchain and AI technologies.
Systech’s platform will reportedly provide a solution that will enable clients to ensure product authenticity from the manufacturing floor to a patient’s hands. The London-based company claims it goes beyond today’s current compliance, traceability, anti-counterfeit and product safety solutions.
Ara Ohanian, CEO of Systech, explained:
“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.”
Blockchain As Solution For Counterfeit Drug Trade
FarmaTrust CEO Raja Sharif noted the significance of the deal. Sharif said that the combination is the only non-additive solution “that can guarantee product authenticity throughout the supply chain journey.”
Thought to be the world’s largest fraud market, the World Health Organization (WHO) estimates the counterfeit drug revenue to be at around $200 billion, with an estimated 10 to 15 percent of worldwide pharmaceutical trade sold in the black market, internet and even directly to patients using prescription medication.
In China, an infamous medical scandal broke out wherein the country’s State Drug Administration (SDA) investigated Changsheng Biotechnology over its reported falsification of production data for its rabies vaccine.
Hooked on the latest blockchain news? Itching to get the newest deets on your favorite crypto? No problem! Here, check out our most current crypto news, fresh from the oven.