FarmaTrust: Confidence in Pharmaceutical Business Restored
Preamble: The Dangers of Counterfeit Drugs
The challenge of adulteration has rocked many production companies over time, and has on the long run thrown some trusted brand names into a state of irrelevance and subsequent extinction, simply because the consumers could no longer TRUST the authenticity of the process.
Even more detrimental is the case of adulteration of pharmaceutical products because the introduction of a poorly modified chemical substance into the body, completely distorts the body absorption process, which if mismanaged could lead to terminal diseases, and ultimately death.
Although most of the illegal act is perpetrated during packaging process, we cannot however dismiss the fact that there are occasionally modification of drugs content, which overrides the overtly-expensive processes that various Governments put in place to curb counterfeiting of pharmaceutical products.
Reported cases of death arising from this menace in Nigeria and Africa at large over the last 19 years has crossed 300,000 as published here.
Blockchain Technology: The Endless Possibility
Every new day, the application of blockchain technology to new innovative solutions comes alive, and it's safe to say the concept is the best revolution that has come mankind's way in the last few years.
Since it's invention in 2008 by Satoshi Nakamoto for use in the cryptocurrency business, it has been successfully applied into many other functions like land registry, smart contracts; even banks have proposed to adopt the technology for encrypted transactions.
It's growth over time has been exponential, prompting 2 Harvard Business School Professors to ascertain that;
blockchain is not a disruptive technology that undercuts the cost of an existing business model, but is a foundational technology that "has the potential to create new foundations for our economic and social systems".
They further predicted that,
while foundational innovations can have enormous impact, "It will take decades for blockchain to seep into our economic and social infrastructure.
The whole world doesn't really matter how long blockchain takes to transition into our everyday lives, what we are sure of is, whenever it does, our lives will become even simpler.
Use Case
Jason is a business man who deals in the importation of pharmaceutical products. Having been in the business for a while, he has a large customer base, making it quite easy for him to move his goods once they arrive.
Whenever there's a need for him to buy his goods, he contacts his client in Asia, who does all the purchase and requisite payments; subsequently, the goods are cleared by Jason whenever they arrive his home country, Nigeria.
His main challenge has been the cost of purchase, because the companies that produce the products leverage the overall cost incurred on production and movement on the prices of the goods, making it quite difficult to afford. Jason has overcome this challenge, but there's still more to come.
Recently, there had been recorded death cases on a particular brand of Chloroquine by NAFDAC, the regulatory body for drugs administration in Nigeria, and a committee was set up to investigate. Not long, it was discovered that Jason's imports were counterfeit and the goods had to be destroyed.
He has incurred financial loses because there was no trusted means to check products authenticity, also lives have been lost. The damage affects everyone.
FarmaTrust: The Way Forward
FarmaTrust is the block chain solution that has been put in place to trustingly move pharmaceutical products from the hands of the manufacturer to that of the consumer, eliminating the risks of counterfeiting and defrauding on the path of the consumer.
Rather than initiate a whole new approach and create confusion for users, FarmaTrust will rather incorporate already existing software solutions, for easy adoption by companies.
The platform sets out to benefit the producers, government and end users, and so it leaves everyone benefiting therefore.
Mode of Operation
According to the team;
Our Blockchain based system utilises Artificial Intelligence and big data analysis to provide the pharmaceutical industry with value added services which allow for more efficient processes and methods as well as a more transparent supply chain. Our system is safe, secure, encrypted and immutable.
Therefore, from the production stage, through distribution, sales channel and eventual consumption, the technology authenticated the process, balances cost and the app allows for originality check.
The Potential Impact
With the transparent and secure mode of operation FarmaTrust has put in place, it's safe to say that the impact on the pharmaceutical sector would be positively gargantuan. Why, because it reduces cost, doesn't depend on a centralized system and further purges the health system of drugs-induced illnesses.
Imagine the use case above, and Jason has an application like FarmaTrust to guide his purchase, the lives lost as reported would have been averted; and the enormous financial loses he suffered would never have been, because the authenticity of the products would have been confirmed before order was made.
If properly harnesed, then we'll be kissing goodbye to unwarranted deaths and illnesses stemming from counterfeit drugs.
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