The president of Uganda, Yoweri Musevini, is to explore a blockchain solution for tackling counterfeit drugs in the country’s pharmaceutical sector.
This follows a meeting in Kampala between Musevini and Uebert Angel, a partner of UK blockchain platform MediConnect, and other government officials.
According to MediConnect, the Ugandan government pledged its support to use its blockchain solution, which uses distributed ledger technology to track medicines in the supply chain.
Information stored on the digital ‘blocks’ that make up a blockchain is immutable. The idea is that manufacturers, wholesalers, prescribers and pharmacies will log the drug’s journey on the blockchain so that patients will be able to verify that it came from a reputable source.
In Uganda, 10% of prescribed drugs have substandard or counterfeit copies of them sold in the market, according to the Ugandan National Drug Authority.
Previous efforts have focused more on recovering counterfeit drugs through raids, as well as public awareness campaigns.
Angel, a televangelist and businessman, said:
“Travelling to Uganda, I was shocked by the extent to which counterfeit drugs have ruined the lives of the most vulnerable people in society. It is therefore humbling to be able to make a difference by investing in the country’s pharmaceutical sector and partnering with MediConnect to identify fake dugs and prevent them from reaching end-users.
“In our meeting with President Musevini, he made clear his commitment to eliminating counterfeit drugs in Uganda and I am delighted that his government is interested in exploring the use of MediConnect as a national-level solution to achieve this goal.”
Met Uebert Angel, a televangelist and businessman, who is founder of Spirit Embassy in the UK and Bro. Ronnie Makabai of ETM International Church here in Kampala. They indicated their interest to invest in tourism and pharmaceutical sectors. Government will support them. pic.twitter.com/5eMKIBFz5q
— Yoweri K Museveni (@KagutaMuseveni) July 16, 2019
Musevini has often been vocal about his support for blockchain solutions in Uganda and how they can be used to improve sectors such as agriculture, ICT and services.
Dexter Blackstock, CEO of MediConnect, added: “The Ugandan President, Minister of Health and National Drug Authority all understand the need to act fast to tackle the country’s counterfeit drug problem and recognise the benefits offered by tracing medication on the secure, scalable blockchain framework we are developing.
“We see this as an important opportunity for MediConnect to form part of Uganda’s national infrastructure and protect its citizens by ensuring all drugs in circulation are authentic and safe.”
Verdict deals analysis methodology
This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.
GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.
More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.