FarmaTrust, a web-based, peer to peer platform designed to keep an immutable record of every legitimate drug produced has been ranked among the topmost blockchains of the year. The ranking comes at the time when the blockchain industry is poised to reach the $20 billion mark by 2024, as the total market cap of cryptocurrencies surpasses $700 billion. The FarmaTrust platform has also made it to the list of top 11 ICOs of the year, published by hackernoon.com. The ranking is based on market feedback and the opinions of blockchain experts.
FarmaTrust platform provides a valuable service to the community as well as the pharma industry by solving the global counterfeit drug problem, which is a need of the hour for the industry segment. The immutable nature of blockchain technology is being leveraged by FarmaTrust to monitor and create records of the medicine right from the point origin through the point of consumption.
FarmaTrust will help save lives and eliminate inefficiencies in the pharmaceutical industry. As a regulatory agnostic platform, FarmaTrust can be used by global stakeholders who can leverage the power of artificial intelligence, blockchain tech, and big data to save millions of lives per year.
See the platform introduction here.
The Industry Scenario & Challenges
The Pharmaceutical industry is worth $1.3 trillion p.a., the counterfeit drugs industry is estimated at $200 billion p.a. and the supply chain mechanism, $80 billion p.a. Between 50,000 and 1 million people die every year from fake medicines. The challenges that FarmaTrust aims to tackle include:
- Proliferation of Counterfeit Drugs
- Increasing Online/Digital Prescriptions
- The “Taken for Granted” Regulatory Environment
- Chain Inefficiencies
- Growing demand for ‘personalized’ medicines
How FarmaTrust Solves these Challenges?
FarmaTrust seeks to use blockchain and AI to eliminate counterfeit medicines and also to automate regulatory compliance, automatic payments, automatic audits. The platform aims to provide ‘just in time’ delivery of drugs thereby preventing price spikes in medicines by ensuring there is even distribution of medicines across the globe to the places where they are needed, when they are needed. This system can prevent returns fraud, and waste through expired drugs. Some of the blockchain uses can be watched here.
The Architecture
The FarmaTrust architecture for the target state will be microservice-driven, componentized with plug-and-play capability to create robust, scalable and highly performant solutions. The core is built with a future-proof approach to enable the system to become integral part of IoT applications. This architecture guarantees business agility by providing flexibility and reduction in time-to-market.
The Team Behind
Behind FarmaTrust is a mature management team with many years of corporate experience. The team has given a working product and is in discussions with a number of organizations for trials, in order to come up with customized corporate solutions.
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, who explained in an interview why he joined FarmaTrust as an Advisor.
Going Forward
FarmaTrust has also been named the top tech company for 2018 by TheNextWeb, Pulse, and Yahoo also.
Following the completion of the Pre-Sale, FarmaTrust, is now holding a Pre-TDE that started on the 15th of February 2018. It will be followed by the main TDE on the 1st of March 2018. You will have to enter details on a whitelist. For this, please visit https://farmatrust.io/
