The Implementation of AI and Blockchain To Fight Against Counterfeit Drugs

 In Articles

The business of counterfeit drugs is a lucrative one, driven by growing sources of cheap drugs from online pharmacies. The World Customs Organization estimates that the annual counterfeit drug market is 220 billion US dollars.

Based on data from the World Health Organization (WHO) the turnover generated through counterfeit drugs is around 2 billion US dollars. As many as 10-15% of the total counterfeit drugs are being traded via the internet, the black market, and straight to patients as prescription drugs.

Based on data published by the Indonesian Anti-Counterfeiting Society (MIAP) in 2016, the counterfeit drugs in Indonesia cover 25% of Indonesia’s drug business whose value reaches the US $ 2 billion.

In an era without borders like now, it is easier for the perpetrators to fake and to distribute these drugs. However, technology is also increasingly become more sophisticated to reduce the space for the circulation of counterfeit drugs.

Such collaboration is carried out by FarmaTrust, a leading company in pharmaceutical supply chain security, and Systech, a leading company in brand protection technology and product authentication.

According to Ara Ohanian, CEO of Systech as quoted from PR Newswire, by combining blockchain technology and AI FarmaTrust solutions with Systech’s trusted e-Fingerprint technology, they have created an easy solution to ensure the safety and authentication of the pharmaceutical supply chain. According to Raja Sharif, CEO of FarmaTrust, this collaboration is the only non-additive solution that can guarantee product authenticity along the supply chain.

Basically, AI-based technology is designed to recognize and detect certain patterns/characters of original medicinal products. Meanwhile, blockchain technology that is decentralized and cannot be manipulated allows traceability of each original drug from the production floor to the end-user. Only genuine drugs can be verified. Clinical data of the drugs stored in blockchain is safe from manipulation.

Blockchain and AI-based technology are very helpful for pharmaceutical companies collaborating with various stakeholders in combating the distribution of counterfeit drugs.

 

 

Sources:

https://www.iotcoresoft.com/iot-knowlegde-center/blockchain-and-ai-impact-on-pharmaceutical-companies

http://theinstitute.ieee.org/resources/standards/how-blockchain-technology-could-combat-the-global-counterfeit-drug-market

https://www.prnewswire.com/news-releases/systech-announces-partnership-with-farmatrust-to-deliver-foolproof-pharmaceutical-blockchain-solution-300710872.html

 

 

Recommended Posts

Start typing and press Enter to search