Last year, Medisafe 1 Technologies Corp., developed a device that uses a barcode system to electronically confirm the contents and quantity of a syringe before allowing it to be physically administered by a medical practitioner. Since medication administration errors in hospitals cause 400,000 preventable drug-related injuries and 70,000 deaths each year, it can safely be said that these barcodes save lives.
Now, in response to another medical threat, Medisafe 1 intends to save more lives with barcodes. The new product will use a barcode system to confirm the origin and authenticity of prescription medications in order to reduce ingestion of counterfeit medications.
Counterfeit medications are a continuously growing phenomenon. The World Health Organization predicts that annual counterfeit drug sales will soon reach $75 billion worldwide.
It is estimated that 10 to 25 percent of all drugs sold in developing countries are either counterfeit or stolen. In countries such as China, South Korea, Russia, Uzbekistan, India and South America about 50 percent of all drugs sold are believed to be counterfeit.
Conceptually, the system will enable both prescription drug manufacturers and pharmaceutical retailers to confirm that appropriate and authentic medications are delivered to patients.
"It is estimated that 200,000 people die each year from ingesting counterfeit medications," said, Jacob Elhadad, CEO of Medisafe 1 Technologies. "The counterfeit market is incredibly large and pharmaceutical companies are losing billions of dollars to counterfeit sales while patients in need of medication are at significant risk."
"Developing products that ensure that appropriate medications are administered to a patient is the mission of Medisafe 1 Technologies," Elhadad added.
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