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. Broadspireā€™s Gary Anderberg Named a 2010 Risk Innovator
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... , Belgium , June 24, ... VNRX), today announced the appointment of Dr. ... Directors as a Non-Executive Director, effective June 23, ... Audit, Compensation and Nominations and Governance Committees.  As ... Futcher will provide independent expertise and strategic counsel ...
(Date:6/23/2016)... 23, 2016 Any dentist who has made an ... current process. Many of them do not even offer this ... and high laboratory costs involved. And those who ARE able ... such a high cost that the majority of today,s patients ... Parsa Zadeh , founder of Dental Evolutions Inc. and ...
(Date:6/23/2016)... , June 23, 2016 Research and ... Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data derived ... Assessment of major trends with potential impact on the market ... of market segmentation which comprises of sub markets, regional and ...
Breaking Medicine Technology:
(Date:6/25/2016)... , ... June 25, 2016 , ... On Friday, June ... a Bronze Wellness at Work award to iHire in recognition of their exemplary accomplishments ... of the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott ...
(Date:6/24/2016)... ... 24, 2016 , ... June 19, 2016 is World Sickle Cell Observance Day. ... the benefits of holistic treatments, Serenity Recovery Center of Marne, Michigan, has ... , Sickle Cell Disease (SCD) is a disorder of the red blood cells, which ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... for accelerated orthodontic treatment. Dr. Cheng has extensive experience with all areas of ... AcceleDent, and accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to ...
(Date:6/24/2016)... , ... June 24, 2016 , ... ... at the Clinical Decision Making in Emergency Medicine conference in Ponte Vedra Beach, ... journal articles published in Emergency Medicine Practice and Pediatric Emergency Medicine ...
(Date:6/24/2016)... ... ... National recruitment firm Slone Partners is pleased to announce the ... as Vice President of North American Capital Sales at HTG Molecular . ... team in the commercialization of the HTG EdgeSeq system and associated reagents in North ...
Breaking Medicine News(10 mins):