openPR reports that the Track and Trace Solutions market is growing exponentially thanks to partnerships and acquisitions. In this light, Systech partners FarmaTrust to work towards safeguarding the drugs industry.
In a press statement, Systech International reveals that the partnership is strategic. According to the statement, the firms seek to leverage the blockchain technology to combat fake drugs. Solutions based on the blockchain network will provide track-and-trace capabilities to industry players with which they can uphold product integrity. The solutions will enable clients “to ensure product authenticity from the manufacturing floor to a patient’s hands.”
Systech partners Farmatrust to combat counterfeit drugs
Interestingly, the news comes hot on the heels of other reports from India suggesting an “all-out war” on counterfeit drugs. This was after the World Health Organisation (WHO) revealed that 35% of fake drugs come from India. Several Indian drug makers have sought the services of blockchain to help enhance product safety and traceability on supply chain.
Systech has made some changes lately in its management while initiating strategic partnerships. In March 20 of this year, the firm announced the hiring of a new CEO. The latest joining of hands with FarmaTrust is testimony that the firm is aiming for the best service delivery.
In comments accompanying the press statement, the CEO, Ara Ohanian said:
“In Systech’s continued commitment to advance supply chain security, we have partnered with FarmaTrust to integrate their proven blockchain solutions. By combining their bulletproof blockchain and AI solution with our authenticated and trusted e-Fingerprint® technology, we have created a foolproof solution in the fight for pharmaceutical supply chain safety and authenticity.”
Guaranteeing product authenticity
The CEO hopes that as Systech partners FarmaTrust, the firm will continue leading the product authentication and brand protection market.
On their part, FarmaTrust hopes to “guarantee product authenticity” better with Systech’s input.
“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. It’s also great to have a partner who has global coverage as well as a 32-year history of partnering with the world’s 20 largest pharma companies,” said Raja Sharif, CEO of FarmaTrust.