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March 29, 2005

SupplyScape gets $7m to fund development of drugs tracking system

Three venture capital firms have ploughed $7m into the production of a nationwide tracking system, known as Universal Pedigree, in an attempt to clamp down on counterfeit drugs.

By CBR Staff Writer

SupplyScape Corporation, a Cambridge, Massachusetts-based software manufacturer, will receive the investment from IDG Ventures, North Bridge Venture Partners and Pilot House Ventures to make a universal, electronic program that derived from federal and state laws as a result of the 1987 decision by the Food and Drugs Administration (FDA) that encouraged the pharmaceutical industry to increase patient safety by tightening the supply chain’s vulnerability to counterfeits.

Some US states, in an effort to curb the creation of false drugs, now mandate a drug pedigree, a certificate of authenticity detailing a drug’s movement through the supply chain. Without the pedigree, it is difficult to determine the characteristics and safety of a drug. SupplyScape will aim to produce a system that will allow pharmaceutical companies to adopt a single format that implements pedigrees in electronic or paper formats.

Over the past year, SupplyScape has worked hand-in-hand with government agencies and the pharmaceutical industry to develop a universal, electronic pedigree solution, which provides a common approach to finally stemming the tide of counterfeit drugs, said SupplyScape president Shabbir Dahod.

The investment, Dahod added, will help the company meet the industry demand for pedigree software as more states adopt the model developed in Florida, which requires pedigrees for all drugs by July 2006.

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