Systech, a leading global tech firm in product authentication and brand protection, has reached a deal with FarmaTrust. Similarly, FarmaTrust is a leading brand in the security of pharmaceutical supply chains. Therefore, the collaboration between the two will lead to a mini-revolution through blockchain. By leveraging their framework to blockchain, the pharmaceutical industry will undergo a significant upgrade.
As it is, the Systech platform is providing certain pharmaceutical services to the industry. Some of these services include traceability, product safety solution, anti-counterfeit, and regulatory compliance. With all these services, Systech ensures product authenticity from the manufacturer to the consumer. But with this cooperation, the company will go beyond the services that it currently provides.
Impact of Counterfeit Drugs
The counterfeit drug trade is the world’s biggest market for fraud. According to World Health Organization (WHO), revenue generated through adulterated drugs is around $200B USD. Of the total quantity which generated the revenue, about 10-15% gets sold on the internet, black market, and then to patients as prescription medications.
Management of Systech Speaks
The chief executive of Systech, Ara Ohanian, said that they partnered with FarmaTrust because they want to advance supply chain security. By integrating blockchain, they can quickly realize that objective, Ohanian said. He further noted that they have combined AI, blockchain technology, and e-fingerprint technology to create a foolproof solution. He added that the solution will be used for advancing the safety and authenticity of pharmaceutical supply chain.
FarmaTrust CEO Echoes the Systech CEO’s Views
FarmaTrust’s CEO, Raja Sharif, seconded Ohanian’s view. Sharif said that the deal is significant, noting that they are fortunate to work with Systech. He posited that they integrated the blockchain solution with Systech’s authentication, traceability, and compliance protocols.
Speaking further, Sharif stated that the collaboration is a non-additive solution that guarantees authenticity of product throughout the supply chain. He extolled the new partner, saying that it feels great to collaborate with a company with over 32 years industry experience.
Background Information
FarmaTrust has an efficient tracking system with a focus on the global pharmaceutical sector. Their efficient system ensures that counterfeit drugs don’t make their way to the supply chain. By doing so, FarmaTrust is securing pharma companies, government, regulators, and the public. To this end, FarmaTrust deploys some cutting edge technologies. Some of these technologies include artificial intelligence, big data analysis, and machine learning.
On the other hand, Systech is a tech leader whose primary focus is supply chain security and product authentication. For 32 years, Systech has pioneered pharma serialization and efficiency innovation.
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