The health sector has faced a lot of challenges since onset especially in the area of counterfeit drugs. The world has evolved into a marketplace where everybody is a drug trader, with little or no knowledge of the originality of the drugs in their stock. counterfeit drugs have flooded the local drugs stores causing more harm than good. The pharmacists have also been in the front line trying to advocate for #pharmacovigilance by setting up teams to collect data, detect, access and monitor and prevent adverse drug reaction caused by pharmaceutical products with the aim to improve patient care and safety.
counterfeit drugs have been in circulation for over decades causing more harm to mankind. The perpetrators of these counterfeit drugs are in the business for their selfish interest (obviously for the profit) and do not mean good for humanity and the healthcare industry at large.
By unleashing these counterfeit drugs to the market via the unauthorized pipeline, the fate of humanity hangs in a balance waiting for an apocalypse when the body fails to heal after using these counterfeit drugs.
The battle against fake drugs has been brought on the blockchain by FarmaTrust with a central aim of strengthening the pharmaceutical supply chain in order to reduce the output of counterfeit drugs in the market.
WHO ARE FARMATRUST?
FarmaTrust is a company founded on the blockchain with the sole responsibility to save humanity from the scourge of counterfeit drug. Before they came onboard, it was difficult to track pharmaceutical commodities on a large scale, MAS (Mobile Authentication service) was majorly in use for tracking.
Watch this short video about farmatrust
In their white paper released on the 14/3/18
Farmatrust is developing a fast, scalable, and secure blockchain solution that automates end-to-end tracking of medical products throughout the supply chain. By harnessing the growing efficiency of big data, machine learning, blockchain technology and intelligent workflow processing.
HOW WILL FARMATRUST BETTER PHARMACEUTICAL SUPPLY CHAIN
FarmaTrust hopes to do this by focusing on the supply chain management of drugs. Supply chain management is ‘the set of activities involved in moving a product from the ultimate manufacturer to the ultimate customer.
Supply chain management is focused on serving customers with an emphasis on ensuring that the six rights of the customers (right product, right quantity in the right condition, in the right place and at the right time, for the right cost) are not infringed.
According to the whitepaper, they proposed a closed loop pharmaceutical supply chain network where a pharmaceutical company can purchase an FTT token(FarmaTrust Token) which is stored in an FTT wallet and these FTT token can be staked for ZOI tokens allowing them to have access to the supply chain portal.
With the advent of this, Farm trust can help to monitor compliance via the compliance tracking token smart bond which is updated on the blockchain with reference to the consumption which describes how these commodities are used, stock on hand which gives information of usable stock at every particular point.
This will also keep track of losses and adjustments encountered by these pharmaceutical companies.
WHAT ARE THE DANGERS OF COUNTERFEIT DRUGS?
Dying from a disease is unavoidable, but dying because of fake drugs is unacceptable.
Counterfeit drugs are contaminated drugs that contain the wrong ingredient designed to imitate the real drug. Counterfeit drugs are very harmful to the human body; they affect target tissue modifying the proteins, DNA, receptors or other essential molecules subjecting the tissue to further injury or damage.
The world health organization (WHO) estimates that counterfeits account for between 15%- 30% overall in developing countries and about 1% in developed countries.
Dangers of taking counterfeit drugs could also include delaying healing from a present state of health; the counterfeit drugs could cause a drug-drug interaction with other original drugs causing further problems in the management of a particular condition.
Since the therapeutic index of the counterfeit drug cannot be verified, the drug is already a potential poison which could cause death.
Also there is no information on the amount of the drug necessary to produce an effect of a given magnitude. This could lead to drug abuse and subsequently death.
PROLONGED HOSPITAL STAY
Because the efficacy of the drug is poor, it can to lead resistance and also treatment failure causing a prolonged hospital stay for the inpatient and hospitalization for the outpatient...
IMPACT OF FARMATRUST ON THE PHARMACEUTICAL INDUSTRY.
With the impact of farm trust on the blockchain, multinational companies like AstraZeneca, GlaxoSmithKline (GSK) Merck, Sanofi, Pfizer, Roche, and Novartis could have their problem of logistic management solved because farm trust would ensure that adequate quantity and quality of their products are always available at point of service to meet the consumers demand.
As Data is essential for decision making in every organization, these multi-dollar pharmaceutical companies could also generate data embedded on the blockchain for clinical research with the help of farm trust bringing about breakthroughs in the field of pharmaceuticals. This Data would also help checkmate the counterfeit drugs in circulation.This is going to be cost-effective with utmost confidentiality.
BENEFITS OF BLOCKCHAIN TECHNOLOGY TO PHARMACEUTICAL SECTOR
Healthcare might be a latecomer on the blockchain, the blockchain looks promising in the sector of health data management. Data management is always an aftermath thought in the health care. It usually involves the herculean collection, management, and processing of data. This usually involves a great deal of ethical consideration because of the confidentiality dogma.
The 21st century has been revolutionized by the blockchain which attracts millions of human users and machines. Secure transactions are carried out daily encrypted on secured blocks for different purposes. Farm trust has come at the nick of time to salvage the pharmaceutical industry, government agencies leveraging on a decentralized platform- the blockchain to solve the problems involved in tracking and tracing a pharmaceutical product.
Here is what i have to say about FarmaTrust
For More Information , You can Read about FarmaTrust using these links.