ACG Inspection Partners with Verinetics to Further Strengthen Their Fight Against Falsified Medicines
Multi-factor authentication is a security system that requires more than one method of authentication from independent categories of credentials to verify an identity. Verinetics patent-protected software product, TraxSecur™ is a next-generation solution for detecting and deterring fraud in the supply chain. Using TraxSecur as a security mark provides intelligent authentication, linked with serialization data. This makes ACG Inspection an end to end solution provider for Track and Trace requirements, product tracing and authentication solutions.
Falsified medications are one of the major problems faced by the global pharmaceutical industry. As per the World Health Organization (WHO), an estimated 1 in 10 medical products in low- and middle-income countries is substandard or falsified. This year, on World Anti-Counterfeiting Day (6th June 2018), ACG Inspection waged a war against falsified medicines. This campaign emphasized on the effects of substandard or falsified medicines on the human population and the global pharmaceutical industry with the message "Get the Fake Drugs Off the Market".
On the association between ACG Inspection and Verinetics, Mr. Ettore Cucchetti, CEO, ACG Inspection said, “With the increasing threat of falsified medicines in the pharmaceutical supply chain and regulations mandating companies to deploy strategies such as serialization and to have greater awareness, there is a need for innovative and effective solutions for product authentication, Track and Trace and supply chain integrity. We strongly believe that our association with Verinetics is a step towards nipping the problem that is grappling the industry today. With the introduction of TraxSecur with Track and Trace regulatory compliance will help us to safeguard the existing supply chain. The association will equip consumers with product authentication and ensure genuine products to consumers. Also, it will bring the consumer closer to the pharmaceutical companies, providing first hand feedback about the products.”
Dr. Tom Mercolino, CEO Verinetics said “Wherever high-value products have health and safety risks, companies are investing to protect their customers through supply chain security solutions like serialization and blockchain. ACGI has the vision to bring TraxSecur to the pharmaceutical market and deliver its unique benefits as a secure link between items in the physical world and data about those items being tracked in serialization and blockchain systems. We also applaud ACGI for recognizing the importance of TraxSecur’s multilayered approach for deterring supply chain frauds with overt feature, increasing fraud detection and enforcement effectiveness through it covert features, and how it’s implementation will increase patient trust in their customers’ products.”
Source: ACG Inspection