FarmaTrust : Building Trust and Saving Lives
FarmaTrust provides a global blockchain based pharmaceutical provenance system which eliminates counterfeit drugs, automates various pharmaceutical industry processes and provides valuable data insights to our customers. Recently, we caught up with Founder and CEO of FarmaTrust, Raja Sharif who provided us with a detailed insight into the firm and the extraordinary services that they provide.
FarmaTrust uses blockchain to ensure the integrity of any data that the team collect, and smart contracts to allow for automatic payments, regulatory reporting, tax compliance and law enforcement notifications when necessary. The firm are one of the leading companies within the industry in these services and happily engage with partners and customers who are wanting to develop blockchain capabilities.
In addition to this, the firm are hardware, software and sensor neutral, which is why they have the flexibility to work in a variety of geographical locations, environments and meet the variety of needs of their customers. Going into further detail about the areas FarmaTrust specialises within, Raja begins by informing us of the various sectors the team provides support to and the clients that they serve.
“Here at FarmaTrust, we specialise in integrating pharmaceutical supply chain management system from the point of manufacture to the point of consumption utilising blockchain technologies combined with IoT and AI services. We provide data insights to assist in finding efficiencies, better planning, focussed production runs, transparency and visibility of the complete supply chain. Alongside this, we have also moved into providing more efficient and secure processes for personalised medicine particularly for cell and gene therapy. Our services are provided to governmental agencies, regulators, NGOs, law enforcement and of course, pharmaceutical companies.
“Our customers are mainly existing track and trace providers using cloud (e.g. Systech), system integrators, pharmaceutical services providers, governmental agencies as well as NGOs. Most companies come to us from demonstrations we have done at conferences, or through our partners.”
As for what makes the firm the success that we know it today, the supply chain use case is perfect for blockchain, through immutability and incorruptibility of records and so FarmaTrust can ensure data integrity – which cannot be currently provided, as Raja explains.
“Strategically, we have a global system that can work both in emerging markets, where there are no existing legacy systems, as well as Western markets where we can plug into pre-installed technology. This makes us extremely cost efficient. We have customers and partners which we can provide, but since they are under NDAs, we have to do this on request.”
When discussing the role staff play in the success of the firm, Raja is keen to highlight how each member of the team are all working together towards achieving the same overall goal.
“At FarmaTrust, we have a dedicated and motivated staff who believe in our goal of eliminating fake medicines to ensure patient safety, and also enjoy being on the cutting edge of technology which few people have access to. Teamwork and enjoying the roles we have ensures that we there is a lively and enthusiastic approach from our staff.”
Bringing the interview to a close, Raja takes time to reflect on the challenges which they are facing currently, as well as envisioning what issues may occur within the future.
“One of the major issues surrounding our service to a largely conservative pharmaceutical industry, is the lack of understanding blockchain technologies, the variety of platforms, and the benefits and challenges of each. However, as the industry becomes more aware of the technology, there is a greater understanding of its benefits and more openness to use it.
“Unlike the tech sector, pharmaceutical companies have a reluctance to interact with smaller and faster start-ups which are used to being more flexible and making quicker decisions.”
Looking ahead to what the future holds, Raja signs off by revealing the exciting plans which lie in the pipeline for FarmaTrust, especially following their recent success as the Most Trusted for Global Pharmaceutical Secure Tracking Systems 2018 in Acquisition Intl.’s 2018 Global Excellence Awards.
“Moving forwards, our plans for 2019 are aggressive commercialisation of our system to
become the leader in blockchain pharmaceutical services. We will also focus on data and AI services as the number of customers increase. There are significant advantages to be able to become a data driven, AI service provider.”