The blockchain technology seems to be gaining higher prospects for global use applications, as the days go by. This highlights the impacts of increased public enlightenment, and the increasing tendencies for governments to carefully consider the solutions that this technology brings. In fact, recent developments have revealed a positive turn out for blockchain use in pharmaceutical products’ distribution monitoring, and overall consumer security. This is the solution framework that is being suggested by PharmaTrust, and to be implemented in partnership with the Mongolian government- for the Mongolian populace.
Activities and objectives of the PharmaTrust company
Considering the many prospects of blockchain inclined projects, a number of companies have opened operations aimed at displaying the significance of the decentralized model to our everyday activities.PharmaTrust is considered to be one of the most relevant pharmaceutical supply chain security companies- whose services are dedicated to revamping the pharmaceutical sector through the use of effective tools such as the blockchain. Over the years, the company has been able to build a name for itself-especially by reason of its many giant strides in ensuring a polity that is free of counterfeit and fake drugs.
PharmaTrust’s operations are top notch security enabling frameworks, that essentially makes use of contemporary high technology service structures. Its overall security roadmap makes use of artificial intelligence (AI), directed big data analysis, as well as other attached significant monitoring modules. The objectives of the company is to bring improved confidence to the pharmaceutical supply chain, hence promoting the creation of a safer society. This comes in recognition of the fact that this would largely come through an effective monitoring of the products’ distribution- from the very point of production till it gets to the final consumers.
Details of the intended partnership between PharmaTrust and Mongolia
The PharmaTrust and Mongolia pharmaceutical blockchain project is the first blockchain based pharmaceutical tracing and tracking solution. It is expected to be the breakthrough that drastically reduces the presence of fake pharmaceutical products on the Mongolian markets. This project would also serve as a confirmatory test to prove the effectiveness of the PharmaTrust security solutions on both of the emerging and developed pharmaceutical products’ market.
Significant parties on this collaboration are the Specialized Inspection Agency of Mongolia, the e-government center in Mongolian. Currently, all required efforts are been put to work, in bringing the solution to full implementation.
As it stands, a MoU has been signed by all the involved parties; thus each phase of the project execution is fully prepared to start. The Mongolian government through its Special Inspection Agency seeks to have the framework fully running by the second quarter of the year 2019. However, this is subject to its approval by the country’s legislature, after which the required funds would be disbursed.
The first phase of the project as implemented on the PharmaTrust company’s end is the drafting of feasibility reports, and inspection of the prevailing pharmaceutical chain- which includes the warehousing and retailing systems amongst others. There would also be an organized monitoring of the government and people’s tendencies towards innovation.
Benefits of the collaboration for the PharmaTrust company and the blockchain technology on a general level
By this development, Mongolia is one of the few countries that have yet acknowledged the significance of the blockchain- enough to consider it for adoption. This is definitely going to be a widely observed project since other countries would also be watching to see how much success can be recorded in the short and long run. Once the success percentages are reasonable enough, we can expect more adoption on a global level, which would be a direct boost for blockchain use, as well as its other closely related elements (for instance, digital currency).
On another hand, PharmaTrust would be having the full opportunity of implementing its solutions on a well-distributed large scale. The company’s CEO Raja Sharif has mentioned the fact that this collaboration would help the company display its potentials to perform well at a country level, as against a limited coverage scope. The corresponding effect of this is company service and customer expansion tendencies- which is good for their business.
The PharmaTrust pharmaceutical blockchain project on Mongolian soil aims to be aptly holistic. Consequently, it is well anticipated and the excitement has reached top levels.
