Systech, a global technology leader in brand protection and product authentication, and FarmaTrust, a provider of pharmaceutical supply chain security, have announced the strategic partnership for foolproof pharmaceutical blockchain solution.
Image: Systech has collaborated with FarmaTrust for foolproof pharmaceutical blockchain solution. Photo: courtesy of Ben Schonewille / FreeDigitalPhotos.net.
This partnership provides a revolutionary blockchain-enabled solution for the pharmaceutical industry that leverages FarmaTrust’s blockchain and AI technologies.
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.
Systech CEO Ara Ohanian said: “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.”
FarmaTrust’s CEO Raja Sharif said: “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.
FarmaTrust’s blockchain based system utilizes Artificial Intelligence, Machine Learning, and big data analysis to deliver value added services, efficiency, and a transparent supply chain
Systech is the global technology leader in supply chain security and product authentication. For more than 32 years, we have put technology on the line.
Systech pioneered pharmaceutical serialization as well as innovations in line vision and inspection, overall packaging line management and track and trace. The Systech platform is implemented in over 500 customer sites spanning 47 countries, supporting 1700+ active lines.
Source: Company Press Release