FarmaTrust to work with Mongolian Government to Crackdown on Counterfeit Drugs
FarmaTrust, the blockchain-based tracking and security solution for the pharmaceutical industry announced its collaboration with the Mongolian government to pilot a traceability system to combat the country’s counterfeit medicine problem.
The memorandum of understanding (MoU) was signed by the Specialized Inspection Agency of Mongolia and the Mongolian e-Government Center NGO this week after a feasibility study was signed at the House of Lords in London, in the presence of FarmaTrust’s Chairman earlier this year.
The UK based company will use Blockchain technology, artificial intelligence and data analytics to trace individual packets of medication and pharmaceuticals across the global supply chain with the mission to eliminate counterfeit drugs and save lives while creating efficiencies within the pharmaceutical sector.
The collaboration will begin by administering feasibility reports and inspecting the entire supply chain from manufacturers, warehouses, hospitals and pharmacies.
This will also prove the effectiveness of the system in emerging markets and act as a case study for governments across the world where the regulatory environment is unclear and lack technology infrastructure.
The project is aimed at covering all medicinal products in the country, rather than just individual product lines by current private enterprises.
This will be the first-ever implementation of a blockchain-based track and trace solution within the pharmaceutical industry and The Special Inspection Agency anticipates the installation process to happen in Q2 2019 after certain legislative and budgetary requirements have been met.
Raja Sharif, CEO of FarmaTrust says –
“We’re extremely excited to be partnering with the Mongolian government, as it validates our fully functioning blockchain solution, rather than just concepts and vision. Finally, our life-saving project will become a live implementation. The project will display FarmaTrust’s ability not only as a primary blockchain company but an entity that can work on a consultancy basis at the country level.”
He went on to add:
“FarmaTrust is making great strides in the commercialization of its blockchain based technology, with a number of key customer and partnerships in recent months. We have firmly established ourselves as a leader in the field, and 2019 should see an acceleration of the number of customers using our services.”
The partnership plays well for both parties. FarmaTrust will be able to test their systems in Mongolia which lacks the technical infrastructure to serve its population. It’s a win-win.
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