FarmaTrust is developing a fast, scalable, and secure blockchain solution that automates end-to-end tracking of medicinal products throughout the pharmaceutical supply chain. By harnessing the growing efficiency of big data, machine learning, blockchain technology and intelligent workflow processing, FarmaTrust both accurately and securely records data relating to serialised packages as they pass through each point in the supply chain lifecycle, in accordance with track and trace regulatory requirements.
“Fraudulent drugs harm or kill millions around the world and inflict serious damage on the brand names and bottom lines of major pharmaceutical manufacturers.” (PWC Study) Pharmaceutical companies and government programmes that provide subsidised medicines are also losing significant revenues and incurring increased costs from counterfeit drugs, returns fraud and the regulatory burden from reporting and compliance.
The FarmaTrust Zoi system helps minimise the cost and resources required to comply with track and trace regulations. In addition, the FarmaTrust system integrates with existing enterprise software solutions, reducing the disruption to business operations and system changes in order to comply with track and trace reporting requirements. Ultimately, the FarmaTrust solution provides a cost-effective and comprehensive option for pharmaceutical companies, supply chain operators and retailers to verify and track genuine products across the lifecycle, down to the individual packet level. FarmaTrust’s Zoi platform not only has pharmaceutical companies as clients, but also includes Ministries of Health, governmental / regulatory bodies, NGOs and law enforcements as its customers. The end users get a free-to-use app.
According to a recent PWC report (https://www.strategyand.pwc.com/reports/counterfeit-pharmaceuticals), up to 30% of all drugs in circulation are fake, leading to up to a million deaths annually, including 450,000 preventable deaths from malaria alone. Some of these deaths can be attributed directly to the toxic ingredients (such as rat poison, floor wax, industrial chemicals and the like) used to produce counterfeit drugs. Many more are a result of substandard drugs being sold to unsuspecting consumers, with little to no active ingredients present in drugs, which would otherwise have saved the consumers from preventable or curable diseases.
Although less developed markets have long been their stronghold, pharmaceutical counterfeiters are now using digital channels to penetrate developed countries, where traditional physical drug distribution networks are well protected. Exacerbating this issue, the PMMI’s 2016 Brand Protection and Product Traceability report found that “medicines bought over the internet that conceal their physical address are counterfeit in more than half of cases. The reasons that proliferate online sales are mainly due to consumers not being able to afford to visit a doctor or get medicine from a pharmacy.”
Despite the efforts of the pharmaceutical industry, major challenges remain. Such issues related to pharmaceutical products include the differing legislations across jurisdictional borders, compliance thereof, and the enforcement of these rules. In Europe, Directive 2011/62/EC, also known as the Falsified Medicines Directive (FMD), is designed to fight against counterfeit medicines through serialisation and verification of individual packages.
The mission of FarmaTrust is to become the provenance system of choice for the pharmaceutical supply chain, by providing an effective and global data verification and coordination layer which enables greater transparency, efficiency, and immutability for the recording of all activities across the supply chain – from the point of manufacture to the end consumer.
FarmaTrust has developed the blockchain-based Zoi Supply Chain Information Exchange platform to securely verify and track the supply of genuine products across a diverse network of pharmaceutical brands, manufacturers, distributors and supply chain operators, providing traceability and data services to governments, law enforcement agencies, NGOs, retailers and end consumers.
FarmaTrust’s Zoi provides a secure, interoperable and immutable source of data which allows for tracking of serialised products across an unbroken chain of custody throughout the supply chain. By integrating blockchain technology with big data machine learning and intelligent business logic, the Zoi system helps prevent fake and counterfeit medicines from easily entering the consumer market undetected. In addition, FarmaTrust can provide value-added services such as predictive supplies and the most efficient routes to market.
The Zoi platform is an innovative product tracking and reporting system designed to comply with industry track and trace compliance and reporting requirements. This is achieved through a secure RESTful API interface that integrates with existing supply chain management systems to securely share information about products moving through the supply chain.
The platform solves current track and trace challenges by creating a unique digital token to reference every Serialized Product Key from point of manufacture to point of sale or return. Zoi utilises blockchain technology to capture and create an immutable record of product data across multiple differing supply chain systems, ensuring transparency and compliance at each stage. The scalability of Zoi platform is designed to handle millions of transactions using various techniques such as caching, data sharing, multi-processing, horizontal scaling, high capacity servers and with utilisation of side-chains where applicable without compromising performance and security. We will ensure that sensitive data will be encrypted and only decrypted by the owner of the data via secret seed provided. We have a solution based on multi-sig transaction model. We will use side-chain, permissioned blockchain which will provide full control of data to the stakeholders and with dedicated servers hosted on highly secured network to communicate with the blockchain peer-to-peer network.
FarmaTrust works with all parties in the supply chain to securely connect and streamline the sharing of data, minimising the cost and risk associated with building new and complex systems in order to meet track and trace regulatory requirements. The entirety of this system provides safe, secure, encrypted and immutable data for all parties in the supply chain (from pharmaceutical companies, to manufacturers, logistics and supply, governments, regulators, law enforcement) and most importantly, the end consumers.
- Ticker: FTT
- Token type: ERC20
- ICO Token Price: 1 FTT = 0.0500 USD
- Fundraising Goal: 20,300,000 USD
- Sold on pre-sale: 7,000,000 USD (UP TO 40% BONUS)
- Total Tokens: 1,000,000,000
- Available for Token Sale: 60%