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FarmaTrust

FarmaTrust

FarmaTrust is a London-based company founded by Raja Sharaf in 2017.

FarmaTrust is an Artificial Intelligence company implementing blockchain technology to introduce complete transparency in the pharmaceutical industry. The company aims to create an efficient pharmaceutical supply chain, eliminate counterfeit, and reduce costs for consumers. FarmaTrust works with pharmaceutical companies, distributors, NGOs, and Law Enforcement agencies.

Product

FarmaTrust is a platform built with blockchain technology with artificial intelligence and data analysis to create transparency in the pharmaceutical supply chain from manufacturers to the patients. The blockchain technology allows secure verification of data with immutable evidence which prevents tampering of information. FarmaTrust gives every product a digital Compliance Tracking (CT) token with a serialized product key which is used to track it throughout the logistic process. Every transaction information and history is made available instantly with real-time data for verification by the blockchain.

The technology links manufacturers, regulators, suppliers and consumers to hold everyone responsible for their operation. Tracking of every product with blockchain prevents counterfeits and misuse of the pharmaceutical product during its lifetime. FaramTrust’s “Zoi” platform enables interoperability with manufacturers and regulatory bodies to make sure products are regulatory compliant and safe for consumers. If any problem arise, regulators can track each product through the blockchain to determine which products are to be recalled. This control makes the pharmaceutical supply chain more reactive to events.

The transparency in the supply chain makes it easier to track how and when the product reaches the customers. Since every product is tracked, chances of illicit products entering the supply chain can be avoided. Current systems do not employ inter-operable technology among pharmaceuticals, distributors, and regulators, so they are unable to track the products throughout the supply chain. This problem correlates to possible drug shortages and illegal products entering the supply chain.

The pharmacies or a patient can verify the authenticity of the product by scanning the product identification information labeled on the product. The app is named “Consumer Confidence App” and is freely available for download. Being interlinked and real-time, if a regulator or manufacturer has labeled the product as unfit or has inconsistencies during its transaction history, the consumer is alerted to return the product.

History

The company was founded in 2017 and is headquartered in London, England.

Timeline

April 2018
FarmaTrust raises a $2,000,000 seed round from Pecunio.

Funding rounds

Patents

Further Resources

Title
Author
Link
Type
Date

FarmaTrust - Saving Lives Using Blockchain and Artificial Intelligence

Carlos Terenzi

Web

FarmaTrust Explainer Infographic

June 1, 2018

FarmaTrust ICO: Global Tracking System for the Pharmaceutical Industry

Oliver Dale

Web

FarmaTrust Introductory Video

December 28, 2017

References

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