MVC (Medical Value Chain) signs an agreement with the Administration of the President of the Kyrgyz Republic for optimization of the integrity of the supply chain of pharmaceutical products of the Kyrgyz Republic.
MVC (Medical Value Chain), a subsidiary of AVC Global Inc, signed an agreement with the Administration of the President of the Kyrgyz Republic for optimization of the integrity of the supply chain of pharmaceutical products of the Kyrgyz Republic. The five year agreement with MVC will provide its GS1 compliant system on blockchain to protect the entire supply chain of medical supplies.
MVC has developed the first GS1 compatible blockchain-enabled track and trace platform with smart contracts for customs clearance with the possibility of financing the supply chain. End-to-end traceability provides full transparency into every aspect of the pharmaceutical supply chain, from drug manufacturer, importers, wholesalers and distributors to the last stages of the supply chain, such as, pharmacies, clinics and hospitals, eventually ending up with patients.
MVC integrates with existing government systems in all ministries involved. The following was stated by the President of the Kyrgyz Republic Sadyr Zhaparov and the Chairman of the Cabinet of Ministers – Head of the Administration of the President of the Kyrgyz Republic Akylbek Zhaparov: “Today’s announcement puts Kyrgyzstan to the forefront in the world ensuring the safety of medicines for its citizens”.
Her Highness Sheikha Deya Bint Ebrahim Al Khalifa, Co-Founder and Chairman of MVC, said: “The MVC Technology Platform with Blockchain will revolutionize the delivery and integrity of pharmaceutical supply chains in the Kyrgyz Republic. We are excited and proud to be collaborating to deploy our system in partnership with the Government of the Kyrgyz Republic.”
The MVC “SmartPass” technology combines many functions into smart contracts on the blockchain. The MVC platform is a quantum leap forward in how countries implement and fund standard GS1 pharmaceutical traceability programs while improving the safety of drugs delivered patients by reducing fraud and optimizing trade finance and customs clearance throughout the global supply chains.
The MVC platform leverages the world leading rfxcel track and trace technology in combination with MVC “SmartPass”, which cryptographically represents the entire lifecycle supply chain, including all its events and transactions for all concerned parties, including buyers, sellers, customs, third-party logistics, banking, customs and support operations.
SmartPass is a unique combination of two technologies: Decentralized applications (DApps) running on a permissioned MVC blockchain for supply chain tracking, as well as Decentralized Finance (Defi) infrastructure for FinTech processing. The core of the MVC platform is a computational engine built into the structure of smart contracts, “SmartPass”, implemented using proprietary tracking state machine algorithms and chain rules and well-designed supply chain tokens.
“SmartPass” uses a double digital notary with cryptographic signatures on its custom “Hyperledger Blockchain” platform as well as the Hedera Hashgraph Consensus Service. This provides increased reliability and transparency for independent audits and enhances confidence in MVC operations and is scalable for international operations.
MVC currently manages the Kingdom of Bahrain’s Pharmaceutical Tracking System. This is an advanced technological solution for supply chain tracking on the blockchain with supply chain financing available through an integrated fintech platform. MVC is intended for government and industry customers for the delivery of pharmaceutical medicines and medical supplies in accordance with global regulatory requirements and provides additional financial opportunities.
Her Highness Sheikha Deya Bint Ebrahim Al Khalifa, Co-Founder and Chairman of MVC, further said: “I express my deep gratitude to the President of the Kyrgyz Republic Sadyr Zhaparov, Chairman of the Cabinet of Ministers – Head of the Administration of the President of the Kyrgyz Republic Akylbek Zhaparov and employees of the Administration of the President of the Kyrgyz Republic for their assistance in promoting our project. We hope that this project will serve to strengthen the development of friendly relations between the Kingdom of Bahrain and the Kyrgyz Republic.”
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
Kyrgyzstan official press release, click here