The paracetamol syrup disaster of 1990
The horror of this tragedy would be forever etched in the memories of many Nigerians. In 1990 fake paracetamol syrup produced with harmful diethylene glycol solvent instead of propylene glycol were administered to children in two major cities in Nigeria. 109 children died as a result.
The problem of counterfeit drugs production and distribution is not new in the global pharmaceutical world. Lives are involved, and while the battle continues to rage, a more effective solution is needed to combat the menace.
Some of the problems of global pharmaceutical distribution that continues to rock the industry include a lack of structure in the supply chain that would ensure smooth drug distribution. In addition to this, the problem of maintaining the right temperature conditions for the drugs during any means of travel has contributed to the chaos. The use of data to improve the drug distribution chain, leading to the effective use of resources has also been grossly inadequate. Any effective pharmaceutical supply chain must match advances in scientific medicine to provide better healthcare for the public.
Drug distribution today has not been able to eradicate these issues.
Enter FarmaTrust.
Saving lives using blockchain and AI
Although similar to Vechain, Waltonchain, and Wabi in being a supply chain project, FarmaTrust target market is the pharmaceutical industry. FarmaTrust aims to prevent fake drugs entering the market and monitor drug distribution process in every step of the supply chain. With the problems of drug distribution listed above, it is easy to see what an advantage that would be. The FarmaTrust objective will be based on the blockchain and artificial intelligence technology that would help shore up the scalability, security and predictive features of the process.
With this technology, many aspects of pharmaceutical distribution, regulatory reportings, audit trail requirements, and payment will be automatic, improving speed and efficiency.
Drawing on the advantages of the Ethereum blockchain, FarmaTrust will be working in tandem with pharmaceutical companies, government agencies and law enforcement to better monitor the supply chain processes and provide data to improve communication.
A pharmaceutical supply chain regulation and drug monitoring approach based on the blockchain and artificial intelligence technology
FarmaTrust will be bringing together a connection of pharmaceutical companies, wholesalers, manufacturers, shipment companies, in fact, every player in the industry, improving data management and ensuring no counterfeit drug find their way into the supply chain.
FarmaTrust will ensure supply chain information, the security of drug prescription and monitoring. This will prevent disasters like the one described in the first paragraph. With the FarmaTrust Compliant Product (CP) tracking token the movement of drugs through the supply chain can be closely monitored by any of the stakeholders.
They are also set to launch their machine learning and artificial intelligence that would bring about a predictive, efficient and security-driven approach to supply chain management.
A peer to peer platform and an ethereum based blockchain technology provides scalability and unhindered access to data and an easy way to monitor the pharmaceutical products. The work of regulatory agencies, governments, and ministry of health would become easier due to the access to information and the transparency of the supply chain.
FTT tokens and Zoi
Zoi, an artificial intelligence powered platform created by FarmaTrust can be used anywhere in the world there is internet. The Zoi can be accessed using either hardware or software while allowing health regulators to get the job done easily. With customers and regulators able to trace the production and movement of drugs through the supply chain, it would give consumers a confidence and psychology boost.
FTT tokens can be used to bind to and monitor the movement of drugs through the supply chain and can also be used to produce Zoi tokens.
The Zoi tokens can be bought and used on the FarmaTrust Zoi exchange and used to power transactions. The smart bond links the FTT tokens to every new batch of serialized product keys generated by a manufacturer. The Compliance Tracking Token helps to monitor every product with a serialized product key through the supply chain. To ensure security, the compliance tracking token is destroyed after use. A compliance tracking token cannot be traded. It is used to monitor the movement of drugs through the supply chain.
The main dangers of counterfeit drugs use is obviously death in the hundreds and thousands as can be seen in the case of the opening paragraph. This creates a disdain for pharmaceutical companies by individuals, driving a wedge of distrust through the system that makes information gathering and health care provision impossible.
FarmaTrust drug monitoring network linking drugs from the manufacturer to the supply chain, and tracing its distribution through the online pharmacy, user and hospitals.
With a peer to peer platform built on the ethereum blockchain, their compliance tracking token, the FTT token, Zoi and the interoperability, immutability and scalability of the platform, FarmaTrust is literally here to save the pharmaceutical supply chain and improve customers confidence in buying drugs online.
Using artificial intelligence, FarmaTrust will also provide a never before seen predictive feature that would enhance the security and efficiency of drug tracking across any route.
FarmaTrust will save pharmaceutical companies, individuals, health regulators and the government the heartache and money wasted in pushing and consuming fake drugs.
I am particularly impressed with how FarmaTrust and its features will improve confidence in the pharmaceutical industry in Africa. Without a doubt, the pharmaceutical companies and heath care regulators have much to gain by using FarmaTrust. But the fact remains is the consumers lives at stake, especially in developing countries where the effect of counterfeit drugs has been badly felt.
As a consumer, I might choose to purchase ZOI tokens through the FarmaTrust Zoi exchange. With the token, I can get data on any product of my choice through the platform. Or you might decide to use the FarmaTrust mobile app to scan the QR code of a product and determine its status. It would be a win-win for health providers, pharmaceutical companies, and the consumers.
This is by no means investment advise, but I believe in the aim of FarmaTrust because they would be solving a huge societal problem that the pharmaceutical and healthcare industry has long battled with. Using Artificial Intelligence and Blockchain technology, FarmaTrust will save lives and prevent another 'paracetamol syrup disaster'.
References
Documented cases of counterfeit drugs resulting in death in Nigeria
Top 5 challenges of the Pharmaceutical supply chain
FarmaTrust Website
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