Systech teams up with FarmaTrust on pharma secure chain

Systech has joined forces with the UK’s FarmaTrust on a blockchain-powered platform to boost the security of the pharmaceutical supply chain.

The alliance announced today will see FarmaTrust’s blockchain-based tracking system – already being deployed in areas such as medical cannabis supply – combined with Systech’s compliance, traceability and authentication technology. That includes its UniSecure electronic fingerprinting ystem, which transforms the barcode on packaging into a unique, uncopyable authentication feature using tiny variations in printing.

Combining UniSecure with blockchain means that a physical product has both a digital fingerprint and a trusted chain of possession “from the manufacturing floor to a patient’s hands,” says Systech.

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The company’s chief executive Ara Ohanian (pictured) said that combining FarmaTrust’s “bulletproof blockchain and artificial intelligence solution” with Systech’s technology has created “a foolproof solution in the fight for pharmaceutical supply chain safety and authenticity.”

The counterfeit drugs trade is thought to be the world’s largest fraud market, and the World Health Organization (WHO) estimates counterfeit drug revenue at around $200bn, with an estimated 10-15 per cent of worldwide pharma trade sold on the black market, internet and to patients via prescription medication.

Raja Sharif, FarmaTrust’s CEO, 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.”