June 11th, 2018 at 4:40 pm UTC · 4 min read
FarmaTrust has signed an agreement with Peterson Projects and Solutions Thailand (Asia), in a move to collaborate and innovate new strategies, provide greater supply chain security for local and international pharmaceutical companies and the emerging medicinal industries, and to increase traceability and transparency to ensure quality and reduce the circulation of counterfeit drugs.
The collaboration between Peterson and FarmaTrust will use the capabilities of blockchain technology to create more sustainable supply chains, particularly in the Asia region.
As a first step in the partnership, on 7 June 2018, Peterson will host FarmaTrust at a bio-economy event in Bangkok to introduce FarmaTrust to a network of academic and private sector companies committed to increasing transparency and exploring business opportunities.
This MoU will also support the co-design and co-creation of new systems for the sourcing and tracing of medicinal cannabis in Thailand, which has recently been legalised. The agreement also covers the monitoring of the legal trade of poppy straw from Afghanistan for the pharmaceutical industry, which will facilitate new industry, investment, and job creation for youth.
Raja Sharif, Chief Executive of FarmaTrust on the partnership with Peterson:
“We’re very excited about this agreement with Peterson, their experience and contacts in the Asia region will help rapid deployment of our cost effective solution and also takes us into the raw materials required by the pharmaceutical industry. For us, this is the next step in helping to create a fully transparent drug supply chain. By partnering with Peterson, we will harness their expertise in Asia to create safe, transparent, and high quality supply chains to eliminate counterfeit drugs. The ultimate goal is to save lives using blockchain technology and to help Peterson and their supply partners meet their legal requirements and coordinate efficiently.”
Rachel Zedek, Director of Peterson Projects and Solutions (Thailand), said:
“Peterson understands lifecycles and the risk and investment needed to enhance agriculture processing and trade. I am excited to work with FarmaTrust and their innovative blockchain solution as a new tool to enhance supply chain management. Eventually, we will also have an opportunity to use better data to create new efficiencies and opportunities to scale the inclusion of smallholder farmers, communities, and low-income consumers. We will be working together to help create new opportunities and solve some pretty serious challenges. We know 90% of illicit opium comes from Afghanistan and serves as raw material for the production of illegal drugs. Simultaneously, there is a shortage of raw material to create high quality and affordable prescription opioids in Asia as well as for lower income communities across emerging markets in Asia and Africa. Thailand’s investment strategies continue to engage new and exciting arenas and continue to honour the late King Bhumibol’s vision to engage smallholder farmers and rural communities with new innovation and opportunity. We believe the medicinal sector is a unique opportunity for more communities to find and leverage those opportunities without destroying their cultures or the environment.”
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 utilises Artificial Intelligence, Machine Learning, and big data analysis to deliver value added services, efficiency, and a transparent supply chain. The FarmaTrust system is safe, secure, encrypted, immutable and future proof. FarmaTrust is based in London, United Kingdom.
A digital ledger in which transactions are recorded chronologically and publicly. This open, distributed ledger records transactions between two parties efficiently an, in a verifiable and permanent way, facilitating the creation of new and “trusted” networks.
Peterson Projects and Solutions (ASIA), a subsidiary of the Netherlands headquartered Peterson, delivers best practices for aquaculture, agroforestry and environmental ecosystem and closely collaborates with corporations, governments, investors, foundations, communities, farmers and consumers to align with the Sustainable Development Goals (SDGs) to generate sustainable social, environmental and economic returns.
It advises and incubates world class sustainability policies, best practices, and investment strategies to reduce environmental footprints and create new value for farmer, business and consumer.