Product Overview
PharmaTrace is not just a single product but a holistic ecosystem that brings together various stakeholders in the pharmaceutical marketplace to enhance trust, efficiency, and security. Here are the main components and features of the PharmaTrace ecosystem:
Track and Trace
PharmaTrace utilizes a blockchain-based track-and-trace system that enables real-time tracking of prescription medicines across the entire supply chain. This is achieved through unique serialization numbers for each package, allowing for the detection of counterfeits and ensuring robust leakage detection and control mechanisms. The system raises alert flags on scanning fake drug barcodes and verifies serialization data at multiple stops along the supply chain.
Saleable Returns / Verification
The platform provides secure and real-time verification of products returned by pharmacies to distributors or wholesalers. This feature ensures interoperability, allowing easy verification of barcodes against the manufacturer’s database and logging suspicious transactions.
Condition Monitoring
PharmaTrace integrates with IoT devices to monitor the conditions of cold storage containers, ensuring that drugs requiring specific temperature, pressure, and humidity conditions are stored correctly. The system raises flags and logs any breaches, enabling the removal of spoiled medicines from the supply chain.
Certificate Management
The platform digitizes compliance certificates and supply chain documents such as invoices, e-bills of lading, titles of ownership, customs clearances, and bank letters of credit. This ensures a secure, fast, and efficient system for data exchange without the need for trusted intermediaries.
Chronic Diseases AI
PharmaTrace also offers an advanced AI tool for chronic disease management. This tool uses predictive modeling to diagnose and forecast chronic diseases like severe asthma by identifying high-risk profiles. It supports decision-making for policymakers, physicians, and healthcare organizations, reducing human error and economic costs. The AI tool helps in improving clinical decision-making, provides early warning systems for chronic disease outbreaks, and enhances supply management by analyzing ordering and supply patterns.
Blockchain and AI/ML Integration
The ecosystem leverages blockchain technology to ensure high-level data security, complete traceability, and simplified process pathways. It combines blockchain with AI and ML to protect supply chains, data exchange, and transaction integrity. This integration enables real-time traceability, zero-error status in auditing, and fully automated processes, significantly enhancing operational efficiency and reducing supply chain costs.
Smart Contracts and Pay-Per-Performance
PharmaTrace utilizes smart contracts to automate business processes, including key opinion leader (KOL) networks and influencer targets. The platform offers a pay-per-performance model, which can reduce supply chain overhead costs by up to 50% within three years and ensure 100% automated processes.
Decentralized Network and Data Security
The platform operates on a decentralized network, providing high-level data security and complete traceability. This ensures that data exchange and transaction channels are secure, efficient, and cost-effective.
Conclusion
In summary, PharmaTrace is a multifaceted solution that addresses various challenges in the pharmaceutical industry, including counterfeiting, supply chain inefficiencies, and chronic disease management. Its integration of blockchain, AI, and ML technologies makes it a robust and future-ready solution for enhancing trust, security, and operational efficiency in the healthcare sector.