Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Medisafe 1 Technologies is planning to develop a barcoded system to confirm the origin and authenticity of prescription medications.
Subscribe to our email newsletter
The system is intended to reduce ingestion of counterfeit medications.
The system will enable both prescription drug manufacturers and pharmacists to confirm and deliver appropriate and authentic medications to the patients.
Medisafe 1 Technologies CEO Jacob Elhadad said that an estimated 200,000 people die each year from ingesting counterfeit medications.
"The counterfeit market is incredibly large and pharmaceutical companies are losing billions of dollars to counterfeit sales while patients in need of medication are at significant risk," Elhadad said.
The World Health Organization predicts that annual counterfeit drug sales will soon reach $75bn worldwide, and an estimated 10% to 25% of all drugs sold in developing countries are either counterfeit or stolen.