According to ACGI, this partnership will implement an add-on security layer to provide multi-factor authentication – a security system that requires more than one method of authentication from independent categories of credentials to verify an identity – to the end consumer.

Ettore Cucchetti, Chief executive officer, ACGI, said, “With the increasing threat of falsified medicines in the pharmaceutical supply chain and regulations mandating companies to deploy strategies such as serialisation 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.”

He added, “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.”

Verinetics’ patent-protected software product, TraxSecur is a solution for detecting and deterring fraud in the supply chain. Using TraxSecur as a security mark provides companies with an intelligent authentication, linked with serialization data.

Tom Mercolino, chief executive officer, 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 recognising 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 its implementation will increase patient trust in their customers’ products.”