Medical Value Chain signs agreement with the Republic of Lebanon’s Ministry of Public Health to optimize the integrity of the pharmaceutical supply chain of Lebanon.
MVC developed the first GS1-compliant blockchain-enabled track and trace platform with smart contracts for customs clearances with the option of supply chain financing.
Beirut, Lebanon and Washington D.C. – Medical Value Chain, “MVC”, the Bahrain subsidiary of U.S.-based AVC Global, today announced that the Republic of Lebanon’s Ministry of Public Health has signed a five-year Cooperative Agreement with MVC to provide its GS1-compliant system to secure its entire medical supply chain.
MVC’s end-to-end traceability delivers complete visibility into every aspect of the pharmaceutical supply chain, beginning with the manufacturer of medicines, to importers, wholesalers, and distributors to the last phases of the supply chain such as pharmacies, clinics, and hospitals and eventually to the patients.
MVC will integrate with the Ministry’s MediTrack system for local manufacturers.
Dr. Hamad Hasan, the Minister of Public Health for the Republic of Lebanon, stated that; “Today’s announcement puts Lebanon at the forefront in the world to ensure the safety of pharmaceuticals for its citizens”.
The objective of the project is to achieve:
- Reducing the costs of pharmaceuticals
- Providing patients with authentic safe medications
- Preventing drug smuggling and counterfeiting
- Ensuring access to pharmaceuticals subsidized by the Banque du Liban
- Prevent the hoarding of medicines
Leo A. Giacometto, MVC Co-Founder, and President said; “The MVC technology platform with blockchain revolutionizes the delivery and integrity of pharmaceutical supply chains in Lebanon. We are excited and honored to deploy our platform in partnership with the Ministry of Public Health in the Republic of Lebanon”.
MVC’s SmartPass technology combines many functions into smart contracts on a blockchain. MVC’s platform is a quantum leap forward in how nations implement and finance GS1 standard pharmaceutical traceability programs, while at the same time increase the safety of medicines delivered to patients, reducing fraud, and optimizing trade finance, and customs clearance across the global supply chain.
How It Works
- The MVC platform leverages the rfxcel track and trace database in conjunction with MVC’s SmartPass which cryptographically represents the entire life-cycle of a supply chain, including all its events and transactions for all stakeholders involved, including buyers, sellers,customs, 3rd party logistics, banking, customs, and support operations. The SmartPass is a unique combination of two Decentralized Application (DApp) technologies operating on MVC’s permissioned blockchain: Supply Chain Track-and-Trace and Decentralized Finance (Defi) Infrastructure for FinTech processing.
- The core of MVC’s platform is a computing engine built into the fabric of smart contracts, “SmartPass” implemented with proprietary Track-and-Trace state machine algorithms, chaining rules, and well-engineered supply chain tokens.
- SmartPass employs double digital notarization with cryptographic signatures on its customized Hyperledger Blockchain platform and operates at a global scale with Hedera Hashgraph’s Consensus Services. This provides increased assurance and transparency for independent audits, increases trust in MVC operations, and scales for international operations.
Medical Value Chain is a subsidiary of AVC Global. It currently operates the Kingdom of Bahrain’s Track and Trace system for pharmaceuticals. It is a leading-edge supply chain track and trace technology solution on a blockchain with supply chain financing available through an integrated fintech platform. MVC is designed for government and industry customers to deliver pharmaceuticals and medical supplies in compliance with global regulatory requirements and provides an additional feature of financial options. For an overview, visit www.MVC.Global
About AVC Global
AVC’s Value Chain platform is designed for industry and government customers to purchase, deliver goods and provide financing while ensuring that all global regulatory compliance requirements are met. The platform is designed to reduce risk, speed cash flows, and increase profit margins, and grow revenue for all participants. The platform’s network dynamics advance the development of sustainable value chain infrastructures and ecosystems in the form of their SmartHub and SmartPass enabled networks. AVC Global is headquartered in Washington D.C., with offices in the Kingdom of Bahrain. www.AVC.Global
Part of Antares Vision Group, rfxcel provides leading-edge software solutions to help companies build and manage their digital supply chain, lower costs, and protect their products and brand reputations. Blue-chip organizations in the life sciences (pharmaceuticals and medical devices), food and beverage, worldwide government, and consumer goods industries trust rfxcel’s signature Traceability System (rTS) to power end-to-end supply chain solutions in key areas such as track and trace, environmental monitoring, regulatory compliance, serialization, and visibility. Founded in 2003, the company is headquartered in the United States and has offices in the United Kingdom, the EU, Latin America, Russia, India, Japan, the Middle East, and the Asia-Pacific region. www.rfxcel.com
About Hedera Hashgraph
Hedera Hashgraph is the most used enterprise-grade public network for the decentralized economy. The platform is governed by a council of the world’s leading organizations, including Avery Dennison, Boeing, Chainlink, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group. www.hedera.com