FarmaTrust, a UK blockchain startup and global tracking system has officially signed a partnership with the Mongolian government to pilot a one-year project aimed at preventing the creation and distribution of counterfeit medications. The project will include both governmental and non-governmental parties in Mongolia, as wel as Specialized Inspection Agency of Tuv Province of Mongolia & the Mongolian e-Government Center NGO.
The pilot project will kickoff in the Tuv Province, a province outside of the capital city of Ulaanbaatar. Immediate tasks include conducting feasibility reports, helping government monitoring and inspection of pharmacies, pharmaceutical supply chains, including warehouses & retailers.
FarmaTrust CEO, Raja Sharif, explains,
“This project is a great multinational collaboration to mix blockchain and other emerging technologies to secure and optimize the pharmaceutical supply chain. Mongolia is a great starting point. With a population of just 3 million, tracking and implementation can quickly scale on the national level. Mongolia is essential as a strategic middle point amid Russia and China. The two countries that have experienced large amounts of counterfeit medicine in the past.”
FarmaTrust is providing the knowledge and experience in blockchain supply chain tracking. The aim of creating an immutable ledger that can track and secure pharmaceutical supply chains using big data & artificial intelligence. FarmaTrust has received widespread support from major media and organizations interested in helping eliminate the counterfeit pharmaceutical industry that results in over 120,000 deaths per year.
FarmaTrust is the most efficient global tracking system which provides security to the pharmaceutical companies, governments, regulators and the public, that counterfeit drugs do not enter the supply chain. Our Blockchain based system utilizes Artificial Intelligence & big data analysis to provide the pharmaceutical industry with value added services. Moreover it allow for further efficient processes & methods as well as transparent supply chain. Our system is safe, secure, encrypted and immutable.
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