Drug counterfeiting – a global, age-old problem that has defied solution
The global medicine supply chain is riddled with obvious inefficiencies and dishonesty. The global health delivery is unequivocally hamstrung by the proliferation of counterfeit drugs. Every year, an upward of one million people die from counterfeit drugs. The developing countries are worst hit. In Africa, for instance, an estimated 200,000 – 450,000 people die every year from counterfeit anti-malarial medications. The situation is not any better in Asia. It has been estimated that 10-30% of medications in developing countries are fake.
The impact of counterfeit drugs is mind-boggling. Counterfeit drug is estimated to cost pharmaceutical companies some $USD75-200 billion revenue loss annually. The EU Intellectual Property Office (EUIPO) estimates that the pharmaceutical industry loses €10 billion annually directly as a result of the presence of counterfeit medicines in the EU marketplace, working out at 4.4% of sales. The effect of this is not strictly limited to commercial loss of revenue but EUIPO also approximates that 38,000 jobs are also lost. By and large, the impact within the EU, once other industries are factored in and the impact on government revenue is acknowledged, it adds up to a €17 billion loss.
Indeed, the ravaging effects of counterfeit drugs are unprecedented.
Global efforts to tackle counterfeit drugs – too little
Granted, there have been pockets of drastic measures put in place to eradicate this global menace. Multiple national regulations governing the movement of pharmaceuticals across the supply chain have been introduced in many countries. These measures demand that, beginning with manufactures, drug products must be serialized, must include an exclusive identifier, and must be verified before handoff. Thankfully, up to 40 countries around the world have introduced track and trace laws that help to control the movement of drug products along the supply chain. It is expected that by the end of 2018, more than 75% of the world’s prescription medication will be protected by this legislation.
However, there are some significant challenges. Interaction between the key players in the industry is hardly secure and transparent. This has largely affected the efficiency of the control measures outlined above. A typical approach to solving this issue is to have a central repository controlled by a regulatory body. This is extremely expensive and there are security concerns with having a single repository for this information.
TradePharma – offering a 21st century solution to an age-old problem
TradePharma Network is a EU-licensed multipurpose platform and an international pharma-centric marketplace of all the industry players – ranging from buyers to sellers performing routine medicine-related transaction. TradePharma prides itself with cutting edge Artificial Intelligence technologies. This technology in union with Blockchain technology will enable efficient search and matchmaking among the members of the ecosystem.
A blockchain-based track and trace solution will definitely result in effective control without a central repository thereby bringing security and transparency to the industry. The Distributed Ledger Technology of Blockchain will make it possible for every physical medicine to have a digital history, allowing users of the platform to trace and verify its origins, attributes and ownership. This is the most effective way to fight against counterfeit medicines in the world. This will lead to the eventual elimination of insurance fraud and build trust within the supply chain.
TradePharma is using the most sophisticated technologies in the world: Artificial Intelligence, Blockchain technology, IOT/IIOT, 3D drug printing, etc to bring earth-shaking revolution to the pharmaceutical industry.
The TradePharma Ecosystem – simply unparalleled
The TradePharma Network is a unique marketplace for all the major players in the pharmaceutical trade. The platform is linking importers and exporters, distributors, drug makers, wholesalers, hospitals and dispensing pharmacies, non-profits, etc worldwide.
Our main service is dedicated to the pharmaceutical trade and the platform is linking together, importers & exporters distributors, drug makers, wholesalers, hospital & dispensing pharmacies, non-profits and our corporate partners in Europe and worldwide. Online transactions between all parties are made in a simple and efficient way.
The platform help all the parties reduce the complexity and the cost of the trade transaction process, ensuring that all these activities take place in an environment of trust and artificial intelligence. The entire marketplace will be managed by the most powerful AI in the world. This AI is structured to give users optimum user experience.
SoftCap: $2.5 Million
MiddleCap: $10 Million
HardCap: $20 Million
Private Sale: 20 August — 28 September
Pre TGE: 2 October — 16 October
Main TGE: 17 October — 16 November
Growth pool, operations, Marketing, Team 35%
Held by TXP 25%
(Pre)TGE, Referral, Bounty 25%
Trade Pharma Network Team 15%
In summary, the prospect of incorporating blockchain technology into the pharmaceutical industry is electrifying. Blockchain is a disruptive, innovative solution that if implemented across the pharmaceutical supply chain could certainly reduce drug counterfeiting and the burden that these fake medications inflict on the end consumer to the barest minimum. The platform is bringing together all the stakeholders in the pharmaceutical industry.
The TradePharma team is experience and innovation personified. All the team members are distinguished in their various field of expertise. Their website features David Rockfeller as Business Mentor. If this is true, then this ICO is something to watch out for.
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Written by Delightme
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