The Mongolian Government has collaborated with FarmaTrust, a UK based pharmaceutical security agency to track and trace counterfeit drugs. The company intends to implement this using Blockchain technology. As part of its agenda, original drugs in the country will be traced back to its manufacturer and supply chain.
Mongolian Government Signs MoU With FarmaTrust
The Mongolian government signed a memorandum of understanding (MoU) between FarmaTrust in February 2018. This is also an agreement between non-governmental organizations in the country, and it was signed in the House of Lords, London. Therefore, part of the terms of the agreement will ensure that the company monitors all drugs that are produced in the country as well as pharmaceuticals.
FarmaTrust said they would neither focus on a particular drug brand nor private firms in the country. Rather, every drug will be held accountable on the Blockchain platform to help citizens determine their originality. The company also stated that its priority is to safeguard the lives of these citizens.
FarmaTrust to Monitor the Government, Warehouses, and Retailers
As part of the FarmaTrust’s efforts, they will monitor the national government, as well as warehouses and retailers that are involved in the supply chain. Accordingly, the data obtained during their study will be stored on Blockchain. This is a decentralized platform whose stored content cannot be changed easily. As such, it is as secure as it can be.
Aside from aiding in the traceability of drugs and eliminating fakes, the project also aims at bringing efficiency in the Pharmaceutical industry. Most of the paperwork and manual labor required to document these drugs will be eliminated. Therefore, it’ll save the resources that are needed to manage them and the time.
Blockchain’s Application in Food and Health
We’ve had reports on Blockchain’s application in tracing the supply chain of drinks, food items, poultry, and fishes. Now, this is the first that is targeted at the Pharmaceutical industry. In the case of food items, the US food and drugs administration is planning to develop a Blockchain-based platform to monitor the supply chain of food. This will enable them to make food recalls if there is contamination.
Gustav Gerig, a Swiss food manufacturer, has also adopted Blockchain technology in tracking the stages involved in processing canned fishes. These canned products will come with a QR code which can be scanned to verify their source and genuineness. On accessing the data stored on Blockchain, consumers, as well as suppliers, will be able to tell where the fish was caught and when.