Systech, FarmaTrust Partner to Use Blockchain for Foolproof Pharmaceutical Tracking System
Systech Partners FarmaTrust to Deliver Foolproof Pharmaceutical Blockchain Solution
Systech has announced that it has gone into a partnership with FarmaTrust to provide a revolutionary blockchain-enabled solution for the pharmaceutical industry that leverages FarmaTrust's blockchain and AI technologies.
Systech, a global technology leader in brand protection and product authentication and FarmaTrust, a leader in pharmaceutical supply chain security, say the Systech 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 WHO estimates counterfeit drug revenue at around $200 billion, with an estimated 10-15 percent of worldwide pharmaceutical trade sold on the black market, internet and to patients via prescription medication.
Ara Ohanian, CEO of Systech said in Systech's continued commitment to advance supply chain security, they have partnered with FarmaTrust to integrate their proven blockchain solutions. Ohanian adds that by combining their bulletproof blockchain and AI solution with their authenticated and trusted e-Fingerprint® technology, they have created a foolproof solution in the fight for pharmaceutical supply chain safety and authenticity.
Raja Sharif, FarmaTrust's CEO stated,
“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.”
FarmaTrust is the most efficient global pharmaceutical tracking system, ensuring that counterfeit drugs do not enter the supply chain and providing security to pharmaceutical companies, governments, regulators and the public. Systech on the other hand is the global technology leader in supply chain security and product authentication. For more than 32 years, we have put technology on the line.