FarmaTrust has announced its alliance with Mongolian authorities to fight against counterfeit drugs with its highly functional blockchain-based tracking solution.
FarmaTrust, a formidable force in pharmaceutical supply chain security ecosystem is collaborating with the government of Mongolia to launch its debut distributed ledger technology powered track and trace project in the pharmaceutical industry, to eliminate drug counterfeiting in the region.
The initiative is also supported by governmental and nongovernmental agencies including the Specialized Inspection Agency of Mongolia as well as the Mongolian e-Government Center NGO.
Earlier in February 2018, an MOU was signed by all parties, and a feasibility study was launched at the House of Lords, London, in the presence of FarmaTrust’s Chairman, Lord Anthony St John of Bletso.
FarmaTrust employs blockchain technology in the tracing of individual packets of medication and pharmaceutical products across the global supply chain.
FarmaTrust is determined to save lives by eliminating counterfeit drugs in the world.
In addition to using blockchain technology, FarmaTrust also utilizes big data and AI to trace and secure global pharmaceutical supply chains.
FarmaTrust’s collaboration with Mongolia is targeted at proving how potent its blockchain system is in both emerging and developed markets.
The team will administer feasibility reports, monitor the national government and inspect all pharmaceutical supply chains, warehouses and even retailers in the pharmaceutical ecosystem.
Importantly, the partnership is a government parastatal agreement that fosters performance longevity and may also serve as a blueprint for other governmental agencies around the globe, most especially in regions where robust technological infrastructures are absent.
The FarmaTrust project encompasses all medicinal products in the region, and if all goes as planned, the operation will enter the history books as the first ever implementation of a DLT-based track and trace solution in the global pharmaceutical industry as well as in Mongolia where technical infrastructure is absent.
The nation’s Special Inspection Agency has hinted that the project will go live in the first quarter of 2019 after all legislative and budgetary requirements have been met.
“We’re very excited in collaborating with Mongolia, as it validates our entirely functional DLT solution, rather than just concepts and vision. Finally, our life-saving project will see live implementation,” said Raja Sharif, CEO of FarmaTrust.
“FarmaTrust is making great strides in the commercialization of its blockchain technology solutions, with a significant number of customers and partners in recent months. We have firmly established ourselves as a pioneer in the industry, and 2019 should see an acceleration in the number of customers using our services,” Sharif concluded.
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