Ugandan president approves project to fight fake meds with the blockchain
|- MediConnect met with the President, Minister of Health and other government officials.
- Ugandan National Drug Authority reported that 10% of the drugs circulating in the country are counterfeit or below par.
MediConnect, a firm building a solution to track and manage prescription meds with blockchain, announced that they have received support from the Ugandan government to explore the use of its product. The news came out after the company met with the President Yoweri Museveni, Minister of Health Dr. Jane Ruth Aceng and other government officials to discuss the benefits of their solution.
MediConnect CEO Dexter Blackstock said:
“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 recognize 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.”
The firm used data from the Ugandan National Drug Authority, which showed that 10% of the drugs circulating in the country are counterfeit or below par. Even the World Health Organization reported that 10% of medical products in developing countries, most of which are in Africa, are substandard or fake.
Uebert Angel, a founder of a Pentecostal ministry in the U.K. and strategic partner of MediConnect, stated:
“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 drugs and prevent them from reaching end-users."
President Yoweri K Museveni confirmed this meeting by tweeting:
“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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.