Pharmaceuticals
Market value
SecureTap uses advanced NFC and blockchain technologies to ensure pharmaceutical authenticity.
Enhanced Product Authentication: NFC (Near Field Communication) technology can be integrated into pharmaceutical packaging, allowing consumers and health professionals to authenticate products instantly by scanning with a smartphone. This reduces the risk of counterfeit drugs entering the supply chain and reaching consumers.
Transparent Tracking and Tracing: Web3 technology enables the creation of a decentralized and tamper-proof ledger for tracking pharmaceuticals from production to distribution. This transparency ensures that each step of a drug's journey is recorded, making it difficult for counterfeit products to be introduced without detection.
Consumer Empowerment: By utilizing NFC and Web3, consumers are empowered to verify the authenticity of their medications independently. This direct engagement not only increases consumer safety but also enhances trust in pharmaceutical brands and healthcare systems.
Reduction in Economic and Health Risks: Secure and transparent tracking systems can significantly reduce the $200 billion economic impact caused by counterfeit drugs. By ensuring that only authentic medications are sold, there is a direct contribution to public health safety and a reduction in the economic drain on healthcare systems and governments.
Counterfeit pharmaceutical products are a global problem
Impact of Counterfeit Antimalarials: Research published in The Lancet reveals that fake antimalarial drugs contribute to approximately 116,000 additional deaths annually in sub-Saharan Africa, highlighting the severe mortality implications of pharmaceutical counterfeiting in malaria-affected regions.
FDA Warnings on Counterfeit Pharmaceuticals: The U.S. Food and Drug Administration (FDA) has raised alarms about the influx of counterfeit drugs in the U.S., notably through online pharmacies. An estimated 50% of medications sold on illegal websites are counterfeit, posing significant health risks to consumers purchasing medicines online.
Global Economic and Health Risks: The OECD estimates the counterfeit pharmaceutical market at around $200 billion globally, representing a major illegal trade that jeopardizes public health, compromises health system credibility, and results in economic losses for both the pharmaceutical sector and governments.
Counterfeit Drugs in Critical Care: The FDA has issued warnings concerning counterfeit medications infiltrating the supply chain, including fraudulent versions of essential drugs for treating cancer, heart disease, and other serious conditions, underscoring the growing concern over counterfeit pharmaceuticals in critical healthcare.