Every single day we continue to hear about the potential and the utility that the blockchain will bring to the world. We are seeing it’s utility in markets like voting, tracking fish, preventing fraud and counterfeit material.
We’ve further seen how it can impact human lives as more humanitarian organizations are studying ways to use the blockchain for improvements in healthcare and the reduction of egregious issues like human trafficking.
One of these organizations tackling an essential problem in the market while aiming to improve human life is an organization called FarmaTrust.
What is FarmaTrust ?
FarmaTrust is looking to improve human lives through the gradual reduction and eventual elimination of counterfeit drugs across all global markets. Their aim is to use artificial intelligence and the blockchain to create a secure marketplace that allows for the safe procurement of pharmaceutical medication over the web. Effective implementations of this solution will contribute to, at least, a savings of human life in excess of one hundred thousand lives on annual basis in the continent of Africa.
How does it work?
As noted above, the organization seeks to collectively use the technologies of big data, artificial intelligence and the blockchain to minimize and eliminate the trend of counterfeit pharmaceutical drugs in the global marketplace. The aim is important because it can save a plethora of lives, as individuals who obtain counterfeit drugs can either not receive the effective treatment thus diminishing the quality of their life or can ingest poisonous material, leading to death.
The organization hopes to carry out their aim through the automation of regulatory compliance, automatic payments and automatic audits. These improvements will allow for just in time delivery of pharmaceutical drugs while helping to reduce factors such as rapid increases in prices due to lack of supply chain management efficiency.
Creating a more streamlined and efficient structure will allow for sending out authentic drugs to those who need them, when they need them, at a price that isn’t prohibitive. The startup is seeking to address the problem in a rather holistic manner by fixing aspects of the supply chain and the distribution of medication, thus accounting for all aspects of medication fulfillment. Accounting for all aspects of fulfillment allow for data collection and a continual refinement in process improvement contributing a to better experience for all involved in the supply chain all the way to the improved quality of life for the end consumer.
Why does FarmaTrust matter?
The current organized and modern healthcare industry is not going away, diseases in all forms, from the common cold, influenza, obesity and various cancers, typically, call for the utilization of medication, and not just one time use of medication, but continuous, sometimes, life long use of medication.
As such, the pharmaceutical will be able to see continuous growth and use of its products. The current establishment already sees its valuation in excess of a trillion dollars and this does not seem to be a number that will decline any time soon. The counterfeit pharmaceutical market is worth about two hundred billion dollars and seems like it’s poised for growth. The lack of verification in the drug market contributes to death counts ranging from fifty thousand to one million individuals per year. In this context, an organization like FarmaTrust, that seeks to improve the supply chain and pricing aspects of the pharma market can be poised to bring real change and capture real value in an ever growing marketplace.
The company seems to be wasting no time in working towards activating their vision. The UK blockchain startup has formed a partnership with the government of Mongolia to conduct a one year test project with the goal of minimizing and preventing the development and supply of fake medicines. The pilot will be comprised of FarmaTrust, governmental and non governmental organizations in the country of Mongolia, working in unison to combat this issue. The pilot will take place in the Tuv province of Mongolia, a region that is located near the capital city of Mongolia.
Teams will dive into setting up the process of prevention through the initial stages of feasibility studies, establishing processes with the government on the regulation and quality of pharmacies and forms of distribution.
The FarmaTrust team is comprised of experienced individuals with valuable histories in different corporates environments which will help them in furthering and deploying their product.
The UK based company is currently deploying its initial coin offering, it began in February 15th, 2018 and will be continuing through March 31st, 2018.
1 FTT = 0.0001087 ETH The company is accepting ETH, BTC, LTC, BCH, DASH, XRP, ZMR, ZEC and Fiat in exchange for their token.
The total FTT tokens available for sale are 600,000,000 FTT.