FarmaTrust: Creating Efficient and Trustworthy Pharmaceutical Supply Chains
Raja Sharif, Founder & CEO
“The utmost desire to create something useful and meaningful to the societies we live in,”—this is the overarching idea that inspires FarmaTrust to deliver one of the most efficient global tracking systems for pharmaceutical companies. Backed by a noble thought and an international team of professionals, FarmaTrust is at the pinnacle of blockchain innovation, catering to the safety needs of pharmaceutical products and patients. “Saving lives, creating efficiencies” is our governing motto,” says Raja Sharif, the founder and CEO of FarmaTrust. “We eliminate fake drugs from the global supply chain to enhance the productivity of pharmaceutical companies and ultimately increase their ROI.” By leveraging the power of AI and big data analytics within their blockchain-based system, the firm assists its clients in saving time and money spent on research and development, eliminating the need to go through inefficient supply chains.
FarmaTrust helps its clients track pharmaceutical products throughout the supply chain by linking digital systems to the tangible items moving in the physical world. The FarmaTrust solution is a combination of blockchain technology with the company’s indigenous Zoi platform to assist its customers in carrying out commercial operations of the pharmaceutical industry, with increased efficiencies and revenues.
Unlike many others who are in the blockchain business, we are not aiming to commercialize or make our developed system available for other businesses
Zoi—a distributed and interoperable pharmaceutical supply chain exchange (SCE)—is a robust and global platform that is compatible with all legacy systems, is hardware-and software-agnostic, and can be configured to ensure compliance with a multitude of regulatory regimes. Furthermore, Sharif explains that the Zoi platform has been developed in a futuristic manner to respond to the evolving trends proactively. It is aimed at providing visibility to pharmaceuticals companies—including their packagers, distributors, pharmacies, and regulators—by identifying gaps across varying compliance regimes which helps them in making critical decisions. “The platform protects consumers and the brand image of companies, through a reduction of fake drugs that find their way into the supply chain,” adds Sharif.
The prowess of the FarmaTrust solution has translated into success for many of their clients, the latest being the collaboration with the Mongolian Government. The company has inked a partnership deal with the Mongolian Government to pilot a one-year project aimed at preventing the creation and distribution of counterfeit medications. The project will include both governmental and non-governmental parties in Mongolia, including the Specialized Inspection Agency of Tuv Province of Mongolia and the Mongolian e-Government Center NGO. The pilot project will kick-off in the Tuv Province, a province outside the capital city of Ulaanbaatar. Immediate tasks include conducting feasibility reports and helping the government in the monitoring and inspection of pharmacies and pharmaceutical supply chains, including warehouses and retailers.
With all the success and accolades coming their way, the firm looks all poised for a prosperous future and aims to be the leader in the blockchain technology space. “Unlike many others who are in the blockchain business, we are not aiming to commercialize or make our developed system available for other businesses; we do not wish to create sideways either,” mentions Sharif. FarmaTrust’s focus is to create the best and most reliable platform and make it the most used and useful technology tool of the 21st century in the pharmaceutical sector. “It is our absolute goal that our FTT tokens value will raise and be valuable in the long run,” concludes Sharif.