To reduce counterfeiting in life sciences, New Momentum works with Oracle
New Momentum is working with Oracle to help pharmaceutical companies combat counterfeit drugs and meet new regulatory compliance requirements.
Ways to combat counterfeits
New Momentum, a provider of software as a service (SaaS) anti-counterfeiting and channel integrity solutions, is working with Oracle to help pharmaceutical companies combat the escalating problem of counterfeit drugs and meet new regulatory compliance requirements. The companies made the announcement Oct. 6.
According to the Center for Medicine in the Public Interest, worldwide pharmaceutical counterfeits are expected to increase by 13% annually - nearly twice the pace of legitimate drugs. This means that counterfeit drugs could become a $75 billion industry by 2010. As these bad drugs flood the market, patient wellness is at risk and so are manufacturers' revenues and brand reputation. This growing counterfeit problem, combined with the expected federal regulations for serialized drug products and electronic pedigrees, creates significant challenges for pharmaceutical companies.
New Momentum's CEO, Stuart Clifton, commented, "The best way to meet these challenges is to incorporate internal enterprise and supply chain data with external data on counterfeit suspects and activity. That's why we're working closely with Oracle's Life Sciences team to provide the first solution to offer pharmaceutical companies the ability to track units through the supply chain as well as quickly identify and find counterfeits."
Oracle is focusing on helping manufacturers by providing ability to serialize each sellable unit and then track that unit through the supply chain via electronic pedigree. By integrating its 24/7 real-time view of counterfeit suspects, New Momentum expects to help pharmaceutical customers be proactive in their anti-counterfeiting efforts and comply with serialization and pedigree mandates.
New Momentum SaaS enterprise risk management (ERM) software provides visibility into the global open market.
- Edited by Mark T. Hoske, electronic products editor, Manufacturing Business Technology, MBT www.mbtmag.com