Supply Chain Efficiency in the Pharmaceutical Industry with AI and Blockchain Technology
The pharmaceutical industry is huge and is also closely monitored by several organizations and institutions worldwide, but for some reason, drug counterfeiting is still a huge problem for the industry, and many individuals in various countries are suffering due to inefficiency drug supply and distribution.
In Africa, children and adults alike are dying of Malaria despite access to drugs, but because most of them are ill-made and counterfeit, or got damaged during shipment, it more or less a death sentence for people who consume fake drugs.
Quality control is a dire concern for the pharmaceutical industry, especially in assuring the chemical composition of the drugs that get shipped and what pharmacies and other certified drug outlets receive and sell to the patients who end up using them in hopes that it will better their condition.
One way to ensure that the drugs which are manufactured are the same ones that are shipped and the patients who are buying these drugs can trust that what they promise to be is always the case; an efficient tracking system needs to be adopted in the supply chain of pharmaceuticals.
FarmaTrust is using Blockchain technology and Artificial Intelligence (AI) to save lives by creating an efficient international tracking system that is both secure and full proof against future concerns. The pharma industry has a global dependency hence the need for an effective solution which comes to market to comply with every international regulatory organization in assuring security provisions to patients.
Battling the counterfeiting problem and fake drugs infecting the supply chain in the pharma industry requires a robust solution that incorporates the entire process and conclusively solves the problem from the root. Right from the manufacturing process, sourcing ingredients from a country that can replace the approved chemicals has already begun a chain reaction of issues that can occur even if the drugs get to the consumers successfully.
FarmaTrust incorporates a cutting edge and innovative solution based on Ethereum which can be strategically implemented in the pharma industry. The solution is engineered to function across various systems and is compatible with all platforms. Safety and security are guaranteed with full encryption and a solution that is immutable. Other technologies currently implemented in the industry like tamper-proof and holographic labels, including unique serial numbers, are not exactly full proof anymore, as they can be easily imitated to look convincingly like the real thing.
The use of Artificial intelligence in this solution helps in efficient data analysis to enhance user interaction. Comprehensive data concerning the global pharmaceutical industry is generated in real-time by leveraging on Big data to accommodate the international market with different regulations in various countries and differing serial numbers. The solution is also optimized with real-time reporting and data collection from the supply chain as well as user preferences.
With the FarmaTrust solution, end users can authenticate and verify pharmaceuticals by scanning QR codes or via SMS.
Removing counterfeit pharmaceuticals from the supply chain exchange will go a long way in cutting down the death toll in several parts of the world as a result of illegal pharma products.