The healthcare market is one of the largest in the world. Only in the United States health care costs in 2017 amounted to approximately 3.55 trillion dollars, and, according to forecasts, in 2025 they will reach more than 5.5 trillion dollars.
However, this important area of our lives is considered extremely inefficient. According to the Institute of medicine, 20-30% of the total healthcare costs are spent inefficiently.
The main source of such costs are high administrative costs, inflated the cost of medical tests and tests, ineffective treatments, fraud in the field of pharmacology, as well as inefficient use of care resources. According to some estimates, each year, about 875 billion dollars are spent on Dobrinya services and treatment only because of poor communications between physicians and hospital staff.
Many professionals both from health and from the blockchain noted that health care, along with Finance and logistics are the most obvious applications of this new technology. Decentralized and impartial blockchain technology provides opportunities to combat fraud, reduce operating costs, optimize processes, eliminate repetitive services and increase transparency in the health care industry.
In a study on the use of blockchain technology conducted by Frost & Sullivan, says that
The blockchain technology is not the panacea to solve problems of health, but it can save billions of dollars, optimize current workflows, and decentralize some high-cost key players.
According to Deloitte, companies healthcare are the most optimistic in relation to the use of this technology. 35% of companies surveyed expect to start using the blockchain technology in 2018.
FarmaTrust aims to develop a logistics blockchain platform for use in the pharmaceutical industry. Platform, as claimed by its founders, will allow to improve the performance of the logistics component of this region and to effectively fight against counterfeit medicines.
The movement of drugs from manufacturer to the end consumer can be tracked through a unique ID, as well as through FarmaTrust blockchain system.
The platform will function as a kind of network of pharmaceutical brands, manufacturers, logistics companies, wholesalers and distributors, as well as pharmacies and hospitals. This network will become a reliable system that ensures that medicines and related products are indeed genuine and not a fake product.
Effective use of this platform will achieve the following goals:
- To provide pharmaceutical companies, their suppliers, distributors, pharmacies and regulatory authorities all the necessary data to make critical decisions that will help significantly reduce logistics costs;
- Identify inconsistencies and gaps in the documentation and requirements to offset the cost associated with counterfeit products;
- To protect consumers and brands, as all cases of hit of counterfeit pharmaceutical products on the platform will be eliminated.
However FarmaTrust does not limit itself to using only the blockchain technology. In the future, the company plans to actively develop and apply artificial intelligence to analyze data and identify the most effective solutions.
Road map of the project and the details of TDE
FarmaTrust claims that already have a working prototype and, perhaps more importantly, understands how to work with regulators, pharmaceutical industry and other stakeholders. At the moment the team of 12 people, almost all of them have extensive experience in the financial sector and are long-time fans of the blockchain technology.
The project is very actively developed. For the first quarter of 2018, the scheduled completion of the MVP, the creation of web applications and the conduct of TDE (the procedure for the allocation of tokens).
For the functioning of the blockchain FarmaTrust will use two kinds of tokens. One for tracking pharmaceutical products to the platform, as well as for payment of services provided by FarmaTrust.
These tokens will be generated using the token holder with the Ticker FTT. Tokens FTT is based on the standard Ethereum ERC20, which will be upgraded to the standard ERC223 when the latter will be sufficient support. Just the sale will feature 600 million tokens FTT of $ 1 billion. Of the remaining 40% only 20% is reserved for teams and advisors, and the rest, anyway, will be spent on the development of the project.
The distribution of tokens to place in several stages, pre-sales of the already successful completed. At the moment, is the registration of the investors who wish to purchase tokens at a discount (20%). It is necessary to send an application through the website of the company. The usual cost of a token is equal to 0.00010870 ETH.
Currently, several dozen startups are developing solutions based on the blockchain for health. Many of them are trying to raise funds through ICO. Only for the first quarter of 2018 it is planned about 10 of these ICO. Farmatrust is one of the most interesting and promising, in our opinion, projects, as evidenced by the successful presales, which ended about a week ago.