Drug manufacturer Pfizer is evidently convinced that RFID is the best remedy for drug theft and counterfeiting, and it's backing up its convictions with cash. The giant pharmaceutical concern has joined with other investors to provide $8 million in Series B financing for RFID specialist SupplyScape.
Woburn, Mass.-based SupplyScape, which provides pharmaceutical supply chain solutions, has developed electronic pedigree and drug identity authentication software and services that improve security and visibility. Pfizer already uses RFID and a SupplyScape solution to tag bottles of Viagra.
"We see long-term value in a more effective supply chain, and SupplyScape's current offerings in drug authentication, electronic pedigree and RFID lay the foundation for a safer, cheaper, higher-quality and more efficient distribution of drugs," says Ilya Oshman, vice president of Pfizer Strategic Investments Group.