Tag: Compliance

Compliance with healthcare regulations is a big challenge for emerging blockchain technology in healthcare information technology.

FarmaTrust Preventing Counterfeit Pharmacy Drugs by Using Blockchain & A.I. for Compliance Tracking

Designed primarily to prevent the ever-present problem of counterfeit drugs, FarmaTrust’s Zoi platform helps ensure secure transport of medical products around the world. This unique blockchain approach uses tokens and machine learning to track and validate shipments through every phase of delivery.

FarmaTrust Overview

Headquartered in London, England, FarmaTrust works with a range of pharmaceutical companies and regulatory government agencies to create and maintain software that actively meets the challenge of the ever-evolving pharmaceutical industry. Healthcare continues to grow globally, with medical pharmaceuticals regularly made or packaged in one country for sale and use in another. Counterfeit drugs continues to be a problem, especially in developing nations where an estimated 10-30% of drugs for sale in drug stores are in fact counterfeit. The problem of counterfeit drugs lies almost entirely in packaging, transport, and local government regulations when it comes to tracking and validating drugs. Fake drugs kill people, often especially the most vulnerable, who receive fake medicine they believe will help them – but it won’t.

FarmaTrust exists to respond to this threat with an innovative approach to pharmaceutical tracking, using blockchain and machine learning for one solution that works equally around the globe.

Solution

FarmaTrust’s approach uses blockchain technology in the form of FarmaTrust’s Compliance Tracking Coin (CT). Each genuine packet of drugs receives a unique key ID. At each stage of the journey, a secure, encrypted log tracks each movement and every transfer, so that shippers and sellers alike know at each stage what this drug is, where it came from, and where it has been every step of the way. Encrypted blockchain tech makes it possible for each packet of drugs to have an easily-accessible, global record that can’t be faked, that gets indelibly stamped at each stage of its journey.

In addition to keeping drug data accurate and secure, Farma Trust provides easy access in the form of on-demand reports which can be formatted on the fly for import and export from and to accounting and shipping software as needed. After all, the best tracking software in the world won’t be much help if relevant parties can’t get the information when they need it most, such as to confirm receipt and verify accurate shipment. Smart machine tech helps to perform the background work needed to validate data, to ensure that different systems can intelligently talk, and to quickly retrieve accurate, usable information.

Finally, aware of the different regulations around the world, FarmaTrust often works with local governments in a mutually-beneficial way to keep up with the latest regulations and to make constructive suggestions about how to improve the quality of pharmaceutical security.

Target Businesses

FarmaTrust works regularly with a range of partners at every stage of drug manufacture, delivery, and sale. These include:

  1. Manufacturers. FarmaTrust’s Zoi platform helps manufacturers to clearly label and track their products. Especially for manufacturers, blockchain tech provides manufacturers with accurate, real-time updates related to actual shipment and sales, providing valuable data that they can use to help plan current production schedules.
  2. Third Party Logistics/Shippers. Because the Zoi platform tracks drugs by individual packet and not just by lot, FarmaTrust can give logistics partners a clearer, more detailed picture when it comes to shipments. This information can prove key to local government regulations and to giving logistics partners the information they need to pass on to interested parties on all sides of the supply chain.
  3. Wholesalers & Retailers. Finally, FarmaTrust also works with those who sell medical pharmaceuticals across a range of markets. For these business partners, the Zoi platform gives sellers the assurance that they will have a correct, valid product to offer their customers. In addition, FarmaTrust’s global network can make it easier and far more cost-efficient to get the products they need most.

If you’re looking for an innovative approach to the pharmaceutical industry, one which will help you stay compliant with government regulations and help you secure your product at every stage from manufacture to the hands of consumers, then FarmaTrust presents a clear opportunity. If you’d like to know more about blockchain tech and the healthcare industry, contact us today and follow our series on blockchain solutions.

Pharma Blockchain Bootcamp: Conference Recap

Pharma Blockchain Bootcamp was an attempt to summarize ideas by various Pharmaceutical and data management companies over the uses of blockchain technology. Much of the technology is still new and not fully understood by the industry. The conference (sponsored by DisruptiveRx) started with an outline of what blockchain technology is and where it has been successful.

Problem and Solution

Organized around the idea of patient centered control, blockchain technology is seen (by some) as a way for individuals to control their own healthcare needs by having their medical data stored digitally. This solves the problem of paper records being mailed to and from hospitals and the possibility of loss and wait time. Companies like Factom Inc. created a biometric id verification for patient recognition that ensures privacy for the individual (another big problem with paper records).

Compliance

The technology could have applications for meeting the Drug Supply Chain Security Act of 2013 according to Dr. Gilot (a speaker) of Blockchain Health. The idea is to track the drug from manufacture to purchase passing every regulatory hurdle and signature through the process. Having a software like blockchain that the industry agrees to share data through could make regulatory burdens much easier. Most of the proposals require the health care industry to sign on to the idea of digital records for patients.

Summary

The conference was the first of its kind for the Pharmaceutical Industry that focused exclusively on blockchain technology. Ideas for Pharma applications and web security companies are working on future trends for the health care industry. Understanding blockchain will be important when the new US Congress convenes in January and decides what to do about the Affordable Care Act.

Review conference details: DisruptiveRx – PHARMA BLOCKCHAIN BOOTCAMP

subscribe

Subscribe to stay up to date with the latest news about blockchain summits. 

<script charset="utf-8" type="text/javascript" src="//js.hsforms.net/forms/shell.js"></script>
<script>
  hbspt.forms.create({
	portalId: "3391851",
	formId: "c44ce255-fad9-4c65-be8b-56af99831a11"
});
</script>