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PharmaSecure

PharmaSecure, Inc.
URL: www.pharmasecure.com

Counterfeit and diverted drugs cost pharmaceutical companies $45 billion in 2006. In some countries, over 40% of some high value drugs are counterfeited, and thousands of poor people die because they take fake medication for deadly diseases. This enduring menace has become a priority for governments and public health institutions like the WHO, because dosing of substandard and ineffective counterfeits can actually cause increasingly resistant pathogens (with no or costly therapies) to develop. While many technologies could solve this problem, a business approach is lacking in which poor consumers (and even governments) in the third world can afford to pay. With the PharmaSecure system, consumers use their cell phones (ubiquitous throughout the world) to text-message scratch-and-reveal, single-use codes to a national verification number, and instantly receive an authentication in reply.
A key to success is that the fees are virtually invisible to the beneficiaries.


Through his affiliation with the Dartmouth Entrepreneurial Network, Bob assisted this company with a young management team based in India raise angel financing. Bob led the angel investment round in a first close of $400,000, obtained a position on the Board of Directors, and then helped the company syndicate the deal among several additional angel groups, socially conscious individual investors, and a small social VC fund to a total $2 million in financing. Bob also helped the company recruit a world-class, hands-on Board that is actively mentoring the founders in developing a business architecture and operational excellence in India, the first target market.

 

Working with Bob at Medstars put PharmaSecure on the track to success. Bob provides timely, relevant guidance informed by years of experience within industry -- thank you, Bob, for your continued support!

— Sarah Hine, CEO, PharmaSecure, Inc.

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