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
Date:10/24/2011

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."

ABOUT PHARMASECURE
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.   www.pharmasecure.com.

 

 


'/>"/>
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:
*Name:
*Comment:
*Email:
(Date:5/25/2016)... 2016 As illustrated by the ... month, the numbers and momentum of cannabis in the ... the billions, more research and development push the sector ... of Legal Marijuana Markets Report  from from ArcView Market ... of the increase in sector is attributed to adult ...
(Date:5/25/2016)... Texas , May 25, 2016 ... the issuance to it by the US Patent ... The company,s technology includes proprietary processes for electronic ... for health and wellness programs, HIPAA compliance and ... "Our technology ...
(Date:5/25/2016)... , May 25, 2016 ... the precision of circulating tumour DNA (ctDNA) analysis ... the appointment of Professor Clive Morris ... leadership across the clinical development programme, scientific collaborations, ... help deliver significant improvements in clinical outcomes for ...
Breaking Medicine Technology:
(Date:5/25/2016)... ... May 25, 2016 , ... The World Molecular Imaging Society ... Imaging.” The focus of ADDMI-IG will be geared towards how using molecular imaging ... Through ADDMI-IG WMIS will provide a platform for productive discussions about the implementation ...
(Date:5/25/2016)... FL (PRWEB) , ... May 25, 2016 , ... ... Cross Benefit Clearinghouse supporting the real time adjudication of medical service claims by ... providers using their current medical claims management software. The TransactRx Cross Benefit Clearinghouse ...
(Date:5/25/2016)... (PRWEB) , ... May 25, 2016 , ... For more than fifty years, we've suffered ... we changed our diets to conform to the latest nutritional advice – advice that was ... the NIH, more than 2 in 3 American adults are considered to be overweight and ...
(Date:5/25/2016)... ... ... Consumer access to organic foods and grower access to food processers is about ... and other plant-based foods, will introduce the first consumer product (a new breakfast cereal) ... Organic Products. , The transitional designation means the cereal was made using at least ...
(Date:5/24/2016)... ... May 24, 2016 , ... According to an ... group of people randomly assigned to reduce the amount of calories they consumed by ... drop in body weight enjoyed better sleep, improved quality of life, and enhanced sexual ...
Breaking Medicine News(10 mins):