FarmaTrust: A Blockchain-Based Platform to Eliminate Counterfeit Drugs in the Pharmaceutical Industry

farmatrust coin

The network will become a credible source of ensuring that all products on farmatrust coin the supply chain are authentic. Zoi is an distributed and interoperable supply chain exchange, designed to achieve just that. FarmaTrust already has a working version of Zoi and a raw prototype of the mobile app which goes with it. Blockchain provides a solution to this problem by offering an efficient, cheap and immutable supply chain system. Mobu is a decentralised platform and end-to-end solution for launching compliant security tokens – “The Future of Security tokens”. CINDX shifts the paradigm of the current “manager-investor” relationship towards depersonalized fair-play solutions.

Transparency

Qtum, Stratis, Universa and soon Ethereum holders can unite in the Pool of Stake and start staking together. Pool of Stake aims to operate in all types of PoS blockchains- Smart Contract platforms or blockchains with a delegated mechanism. The main goal for Pool of Stake is to increase the profits for small coin holders by enabling a trusted environment to pool funds together. Yahoo also included FarmaTrust on its list of three startups that use blockchain tech to improve lives, touting all of its numerous benefits. LinkedIn has also published an article praising FarmaTrust as a perfect use case for the blockchain in healthcare. He is driving the company’s vision and mission of protecting the vulnerable by eliminating deadly counterfeit medications on a global scale.

The key to removing counterfeit drugs from the market is by tracking the pharmaceuticals through the entire supply chain from manufacturer to consumption. Arnab is one of the leading advocates and member of Global Blockchain healthcare community, He is committed to driving strategy for the success of Blockchain technology & Home health best use cases. He has consulted with Healthcare and medical device clients internationally on market readiness, innovative data analytics, and consumer engagement solutions. Arnab  is a valuable asset to the FarmaTrust team in his role as Strategic Advisor.

  1. The platform is powered by blockchain technology which will help in restricting the supply of counterfeit medicines and avoid patients using unsupervised drugs.
  2. Further research could go in-depth into analyzing the degree of digitalization within healthcare ecosystems and how it affects blockchain adoption.
  3. FarmaTrust will introduce a blockchain-based platform using AI technology enabling people to have complete control over their pharmaceutical needs.
  4. For example, through the blockchain-based Robomed network, healthcare providers and patients can interact using smart contracts.

In the second quarter, the team will deploy the marketing and operations strategy, build the analytics service and AI, create a regulatory reporting module, and conduct alpha and beta testing, in addition to launching the mobile and wallet apps. FarmaTrust is a platform that is used globally as a tracking system which provides security to the pharmaceutical companies, governments, regulators and the public. The Specialized Inspection Agency of Tuv Province is highly interesting in this new solution and technology to adopt for against the counterfeit drugs. Through the Feasibility Study, we will recommend necessary policy and rules to Mongolian government organizations for the national scale project.

  1. With help from the blockchain and artificial intelligence, FarmaTrust hopes to do more than just get rid of counterfeit medicines.
  2. The API provides endpoints that correspond to a subset of the EPCIS core business vocabulary.
  3. Nowadays, the pharmaceutical industry is dealing with several problems to which the current management is not being able to cope with.
  4. Many analyzed cases show how blockchain adoption can support patient and doctor interactions.
  5. Patients are incentivized to upload their DNA profile on the platform by setting the price at which they are willing to sell it and deciding with whom to share their data, which is protected by anonymity.
  6. Between 120k and 1 million people die every year because of innate supply chain weaknesses.

Services

This paper adopts a multiple case study method to investigate the application of blockchain for value co-creation in the healthcare ecosystem 67,68. This approach involves an in-depth exploration of bounded phenomena, utilizing multiple data collection to systematically gather information on participants’ perspectives on the phenomenon within its natural context. Zoi will be able to create a network of pharmaceuticals, manufacturers, suppliers, shipping, logistics companies, wholesalers, distributors, pharmacies and hospitals.

Evedo IEO – The Blockchain Ecosystem for Events Cutting Out the Middleman

Another future insight to highlight is the possibility of increasing the engagement of different actors by developing healthcare communities with tokens. Based on the ecosystem perspective, the literature recognizes different actors involved in value co-creation at varying levels of the healthcare ecosystem 38,39. Most scholars focus on the micro level, where value is co-created through interactions between patients and other actors who share and combine resources to achieve the desired result 40,41. By analyzing the interactions between several actors at different levels, it is also possible to understand their mutual influences and the dynamic evolution of the ecosystem.

Many technology providers form consortia between health companies, ICT, and big corporations to organize the upstream ecosystem and speed up integrating different platforms developed to improve healthcare. In addition to providing solutions to businesses and end users, these providers cooperate with associations, chambers of commerce, and governments to extend the use of blockchain to the public sector. The design of a healthcare ecosystem is represented as a complex integration of human-centered activities that are increasingly dependent on the real-time integration of various data and processes. In addition, studies on smart health solutions demonstrate that interactive digital platforms favor patient engagement and active participation 43.

He is familiar with obligations of operating a company, directors duties and holds a number of Chairman and Non-executive directorships of technology companies. FarmaTrust is going to use artificial intelligence technology on its platform to manage big data analysis and improve the efficiency and revenue for commercial operations of the pharmaceutical industry. FarmaTrust is a cryptocurrency that is highly volatile and therefore may not be suitable for all investors. FarmaTrust blockchain solutions mean immutability of records allowing clear accountability. It means greater trust in pharmaceutical and healthcare products as well as faster regulatory approvals. FarmaTrust has recruited David Allen Cohen to the position of Chief Technology Advisor.

Our findings highlight the ability of blockchain technology to foster interactions between different actors in the healthcare ecosystem. In many of the analyzed cases, it is possible to detect how the adoption of blockchain for patient data management and insurance payments, supply chain management, and telemedicine extends the joint sphere of value co-creation for the actors involved. Thanks to blockchain technology, patient access to data can be better managed and controlled.

farmatrust coin

CoinCarp does not currently have price data for FarmaTrust as it has yet to be listed on any cryptocurrency exchanges (CEX or DEX). Once FarmaTrust is live on an exchange, CoinCarp will provide real-time FarmaTrust (FTT) token prices from different exchanges. Moreover, future studies could further investigate how to use blockchain to support patients during pre- and post-inpatient periods and better educate them in managing their data.

The exchange is one of China’s most secure trade and conversion platforms, providing customers the ability to trade high-quality digital assets. David has over 17 years of experience in Pharmaceutical & Medical Device manufacturing, specializing in complex Manufacturing IT projects – with Manufacturing Execution Systems (MES) and Serialization being a key focus. David is passionate about patient safety and has driven successful business transformational projects for major Pharmaceutical companies globally. Publicly circulating amount of specific cryptocurrency coins/tokens that were mined or issued to date, and are not locked/staked (are available to be traded publicly). FTX is a cryptocurrency derivatives exchange platform backed by Alameda Research, the largest liquidity provider in the secondary markets. The mission of FTX platform is to build the best derivatives exchange and to help move this space toward becoming institutional.

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