Blockchain start-up Fantom has unveiled its Smart Medicine pilot project to rectify the problem of substandard or counterfeit medicinal drugs in Afghanistan.
After signing a deal with the Ministry of Public Health and several pharmaceutical distributors in June, the project was developed to keep track of pharmaceutical drugs travelling along the supply chain to curb the distribution of fake products.
Michael Kong, the CIO of Fantom told Forbes, “With the outbreak of COVID-19 we have seen a sudden and dramatic demand for medical products, this, unfortunately, leads to opportunistic criminals looking to profit off the disaster, since 2018, we have seen an 18% increase in seizures of antivirals and a 100% in seizures of chloroquine. These issues can be dramatically reduced via the introduction of transparent supply-chains and distributed ledger technology.”
“Given that counterfeit medicines are a huge problem for Afghanistan, we signed an MoU with the Ministry of Public Health to conduct a pilot program—and organized several companies to participate in this program to prove the benefits of our technology,” Kong adds.
The pilot project is in conjunction with Royal Star Pharma, Nabros Pharma and Bliss GVS and will last for approximately two to three months.
Being able to verify the authenticity of medicines will prevent counterfeit products.
Fantom will supply labels to trace 80,000 products created by the companies, covering four areas of pharmaceuticals including hand sanitizers, joint creams, chewable tablets and fot creams.
The shipping labels will be scanned at every stage of the distribution process and the unique code can be publicly verified.