Counterfeit protection startup Cypheme wants to authenticate the world’s most important medicines. In times of a pandemic, this is now more critical than ever.
Shenzhen, 10th April 2020 - Lifesaving drugs are not exempt from the trade in counterfeit medicines. In fact, counterfeit medication claims the lives of over one million people each year. Incepta Pharmaceuticals, a company providing anti-metastatic drugs, knows this all too well and chose tech startup Cypheme to keep its medicines safe from counterfeiting, protecting the lives of its customers by doing so. Hundreds of thousands of bottles of Osicent™80 medication were protected with an anti-counterfeit Cypheme sticker. An AI-based software was then able to determine if the authentication sticker was genuine or not, enabling cancer patients to know that they were taking the proper medicine.
An anti-counterfeit technology to save the patients... and the revenues of the pharma industry
The story doesn’t end here though. The partnership between Cypheme and Incepta not only ensured that fewer and fewer counterfeit products circulated on the market but it also enabled both patients and vendors to regain trust in the quality of the medication, resulting in a doubling of sales. And for a company that counts its revenues in the hundreds of millions of dollars, that is everything but negligible. Furthermore, deploying the anti-counterfeit solution on this product saved numerous lives - and is still saving new ones every day - as these types of fake drugs can spell death for patients fighting cancer.
A growing epidemic of deadly fakes
“Authenticating medicine is about curbing growing counterfeit threats in the healthcare industry and is invaluable for patients on the receiving end. 10% of drugs currently on the market are counterfeits. Counterfeiting is not just about economic impact for companies but it is a major health hazard for people, accounting for hundreds of thousands of deaths each year. To this day, based on user data, conservative estimates put the number of lives directly saved by Cypheme at 290 and counting. It is our duty to make sure that patients, everywhere, have access to safe medication”, explains Hugo Garcia-Cotte, CEO of Cypheme.
Saving lives during the global health crisis
Recently, counterfeiters were seen exploiting the COVID-19 outbreak. Criminals have been selling fake coronavirus medicines as well as surgical masks to vulnerable and concerned consumers. While the world tries to deal with this health crisis, Cypheme is committed to offering its AI-based anti-counterfeit stickers to companies providing medical supplies to government agencies.
About Cypheme: Cypheme provides artificial intelligence solutions to authenticate products and defeat counterfeiting. The technology can detect counterfeit products by analyzing the surface microstructure of authentication stickers, with a simple smartphone camera. Cypheme’s work and efforts in the field of product authentication have been recognized multiple times with numerous awards. Since its creation in 2015, Cypheme has protected more than €150 million worth of products for a total of 6 million products protected. Many high-profile clients have trusted the startup to protect their products, mainly in the luxury industry. Today, Cypheme wants its technology to support global health.
For more information, contact Charles Garcia, CMO, at [email protected]