Systech & FarmaTrust Pharmaceutical Supply Chain with Blockchain Technology Partnership
Blockchain technology is gradually being integrated with industry systems in different regions across the world. Farma Trust, a firm in the supply chain of pharmaceuticals, is venturing into the blockchain space following a partnership with Systech. The firm will work with its newly found blockchain-oriented counterpart to improve FarmaTrust’ ecosystem authenticity.
The development will enable FarmaTrust scale its services integrity as we move into the blockchain era. This platform’s integration with the blockchain network brings new features to sustain best practices in compliance, goods authenticity & tracing of pharmaceutical products along the supply chain.
FarmaTrust’s vision to seal loopholes within the pharmaceutical supply chain ecosystem is economically valid given the illegal players in the market right now. As it stands, counterfeit rugs in the pharmaceutical market account to around $200 billion. This is a significant 10-15 % of the current market cap in the industry.
Systech CEO, Ara Ohanian, said that
“In Systech’s continued commitment to advance supply chain security, we have partnered with FarmaTrust to integrate their proven blockchain solutions. 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.”
In addition, Mr. Ohanian’s sentiments were echoed by his counterpart FarmaTrust CEO, Raja Sharif
“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.”