Xconomy: PharmaSecure Combats Drug Counterfeiting, Armed With Funding From Eric Schmidts Innovation Endeavors
Summary
“We’ve seen a huge amount of growth just in the last six months.” Sigworth first discovered the harsh realities of health economics in India during his freshman year, when he spent a month volunteering at a hospital in a poor district of Uttar Pradesh.“You can’t put an expensive RFID tag on that.” Sigworth says he and his launch team spent much of their time in the early days of the company figuring out how to provide a solution that could be scaled up with very little capital commitment on the part of drugmakers.While at Dartmouth, Sigworth and Thompson worked on a group research project with a fellow student, Ashigi Gogo, on the topic of drug counterfeiting.With the recent financing, PharmaSecure is gaining a board member in Dror Berman, founding managing partner of Innovation Endeavors and a veteran of Yahoo.“If you’re in Poland and you see all your authentications are coming from Warsaw, you know your distributor isn’t working hard enough to penetrate other parts of the country,” he says.