FarmaTrust, a pharmaceutical supply chain security company has announced a new partnership with Systech, a provider of blockchain enabled technology in brand protection and product authentication. This partnership will implement a blockchain-enabled solution for the pharmaceutical industry.
The FarmaTrust platform will now provide a solution that goes beyond today’s current compliance, traceability, anti-counterfeit, and product safety solutions, enabling clients to ensure product authenticity from the manufacturing floor to a patient’s hands.
The counterfeit drugs trade is thought to be the world’s largest fraud market. The World Health Organization estimates counterfeit drug revenue at around $200 billion, accounting for an estimated 10-15 percent of worldwide pharmaceutical trade.
“In Systech’s continued commitment to advance supply chain security, we have partnered with FarmaTrust to integrate their proven blockchain solutions. Mr. Ohanian continued, “By combining their bulletproof blockchain and AI solution with our authenticated and trusted e-Fingerprint technology, we have created a foolproof solution in the fight for pharmaceutical supply chain safety and authenticity.”
“This is a significant deal and we are fortunate to work with Systech and integrate our blockchain technology with their compliance, traceability and authentication solutions. This combination is the only non-additive solution that can guarantee product authenticity throughout the supply chain journey. It’s also great to have a partner who has global coverage as well as a 32-year history of partnering with the world’s 20 largest pharma companies.”