Souvik Aswad, Chief Growth Officer, Panacea
Counterfeit prescriptions are a big problem in Bangladesh. The World Health Organization estimates that nearly 10 percent of all drugs sold worldwide are fake. And a recent study says 100,000 people die each year from taking fake medicine. Bangladesh’s government says at least ten percent of the medicine sold in pharmacies across the country are fake. That’s 1 in every 20 prescriptions.
Panacea prints a unique alphanumeric code on every medicine strip of a pharmaceutical brand, which consumers can verify via with an SMS, mobile app or the Panacea website. With Panacea every medicine strip is unique and accounted for. This limits a counterfeiters’ ability to mass copy medicine packaging and puts the power of verification in the hands of the consumers.