Navigation Links
PharmaSecure, an Innovator in Pharmaceutical Serialization, Closes $3.9M Investment by Eric Schmidt's Innovation Endeavors, Gray Ghost Ventures, Healthtech Capital and the TEEC Angel Fund

FRANKFURT, Germany, Oct. 24, 2011 /PRNewswire/ -- PharmaSecure Inc, a pioneer in pharmaceutical authentication technology, closed today on a $3.9 million investment from Eric Schmidt's Innovation Endeavors, Gray Ghost Ventures, Healthtech Capital and the TEEC Angel Fund. The investments will be used to create new applications to respond to the Government of India's drug serialization requirements that go into effect next year.

This year, the Directorate General of Foreign Trade of India mandated that all drugs exported from India must have unique serial numbers and barcodes by July 2012. India's exports of pharmaceuticals are expected to reach $8 billion in 2012.

Since launching its India operations in 2009, PharmaSecure has printed over 65 million pharmaceutical packages with unique ID codes that allow consumer authentication by SMS.  The company has agreements in place to protect over 1.5 billion pharmaceutical packages in India and exported from India over the next year; a number that continues to grow.

According to Innovation Endeavors' Dror Berman, "We've invested in PharmaSecure because they are executing a game-changing approach to combating counterfeit drugs that holds huge potential for improving the safety and security of pharmaceutical products throughout the world."

With the pharmaceutical industry experiencing substantial growth in emerging markets, the counterfeit drug industry has also grown to capture roughly $75 billion of the global drug market. These counterfeit drugs pose a major health threats that can results in death, illness and drug resistance among users. PharmaSecure guards against counterfeit drugs by printing on each bubble pack of pills a unique code and phone number so consumers can verify the drug's authenticity with an SMS text message.

"India is leading the way in the global fight against counterfeit drugs. We are proud to have had a hand in creating applications like SMS authentication that put the power of protection against dangerous medicine literally in people's hands," said PharmaSecure co-founder and CEO Nathan Sigworth. "We are investing in more applications that can ride on the mandated serialization to increase the reach and distribution of our clients' products and better health for their consumers. With the tradition of innovation that comes with this investment we expect the regulatory requirements to provide a creative opportunity for us and our clients."

PharmaSecure's innovative, cost-effective method earned the company Fast Company's designation as one of the "10 Most Innovative Companies in Health Care."

PharmaSecure is a global innovator in drug authentication technologies and software, creating effective solutions to ensure consumers receive authentic medications from trusted pharmaceutical manufacturers in emerging markets.  Founded in 2007, PharmaSecure is a fast-growing company offering services in the United States, Europe, India, Africa, and Southeast Asia.



SOURCE PharmaSecure Inc
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Medical Mutual of Ohio Earns a Spot on 2011 InformationWeek 500 List of Top Technology Innovators Across America
2. Inovio Pharmaceuticals Adds Two Medical Innovators to Its Scientific Advisory Board
3. CareFusion to Acquire Pharmacy Automation Innovator Rowa
4. Ansell Limited Acquires Sandel Medical Industries LLC, an Innovator in Surgical Safety Solutions
5. Medication Delivery Innovator Baxa Corporation Offers Best Practices for Administering Over-the-Counter Liquid Medicine to Babies and Toddlers
6. Diplomat Specialty Pharmacys Hagerman Named Grant Thornton Leader & Innovator of the Year
7. U.S. Department of Energy Hails Dilon Diagnostics as a Medical Technology Pioneer and Top National Innovator
8. Quest Diagnostics to Acquire Celera, Strengthening Position as Worlds Leading Innovator in Molecular Diagnostics and Development
9. Frost & Sullivan Recognizes BeClose as a Technology Innovator for Aging Independently in North America
10. NovaSperse(SM) Nanoparticle Innovator, PharmaNova, Inc., Awarded Four Government Grants Toward Development of New Therapeutic Products Under Congressional Qualifying Therapeutic Discovery Project Initiative
11. Broadspire’s Gary Anderberg Named a 2010 Risk Innovator
Post Your Comments:
(Date:11/26/2015)... , November 26, 2015 /PRNewswire/ ... announced the addition of the  "2016 ... the European Cell Surface Marker Testing ... Opportunities"  report to their offering.  ... the addition of the  "2016 Future ...
(Date:11/25/2015)... , Nov. 25, 2015  Linden Care, LLC, a ... treatment outcomes for patients suffering from chronic pain, said ... a Temporary Restraining Order (TRO) enjoining Express Scripts from ... companies. --> --> ... of its legal options. --> ...
(Date:11/25/2015)... , November 25, 2015 ... KTOV ) (TASE: KTOV), a biopharmaceutical company focused on ... of various clinical conditions, today announced the closing of ... Depository Shares ( ADSs ), each representing 20 ordinary ... to 3,158,900 ADSs. The ADSs and warrants were issued ...
Breaking Medicine Technology:
(Date:11/28/2015)... ... 2015 , ... Pixel Film Studios is back again with ProPanel: Pulse ... are endless. Users have full control over angle of view, speed method, start point, ... sure to get heads to turn. , ProPanel: Pulse offers fully customizable pulsating shape ...
(Date:11/27/2015)... ... 27, 2015 , ... According to an article published November 15th ... are handling security in light of the recent terrorist attacks in Paris, other cities ... stop an attack from reaching U.S. soil. Especially around special events that may be ...
(Date:11/27/2015)... PA (PRWEB) , ... November 27, 2015 , ... ... how filthy the toilets were," said an inventor from Hillside, N.J. "Many people ... improved seat cover so that individuals will always be protected from germs." , ...
(Date:11/27/2015)... ... , ... MPWH, the No.1 Herpes-only dating community in the world, revealed that over 50% of ... than 3.7 billion people under the age of 50 – or 67% of the population ... global estimates of HSV-1 infection . , "The data shocks us highly!" said Michelle ...
(Date:11/27/2015)... ... November 27, 2015 , ... The moment you stop improving ... only fulfilling the needs of advisers and clients but going above and beyond ... top-tier customer service. However, there's always room for improvement, which is why the ...
Breaking Medicine News(10 mins):