Monday, September 30, 2013
WASHINGTON, Sept. 30, 2013 /PRNewswire/ -- LaserLock Technologies, Inc. (OTCBB: LLTI), a company involved in authenticating products and people, today expressed its support of the Drug Quality and Security Act passed by the U.S. House of Representatives. The bill would create a national set of standards to track pharmaceuticals through the distribution chain to help thwart the introduction of fake medication into the drug supply.
"We are pleased that the U.S. House is taking desperately needed measures to protect the American people from the threat of counterfeit pharmaceuticals and we strongly urge the Senate to do the same," said Neil Alpert, CEO of LaserLock Technologies. "We believe it is critical that government, the healthcare industry and authentication providers work together to solve this problem and our Characteristic Verification System is uniquely positioned to provide this kind of service."
The new law requires the Food and Drug Administration to implement an electronic system to trace pharmaceuticals throughout the supply chain at the unit level and establish a system of pilot projects in order to find the most cost-effective and secure technologies.
In April 2013, LaserLock Technologies testified to the Subcommittee on Health of the House Energy and Commerce Committee on the subject of securing the nation's pharmaceutical supply chain. The Company recommended a modern, innovative supply chain that combines the ubiquity of mobile devices, high-tech optics, secure anti-counterfeiting technologies and the development of authentication databases. In May 2013, Ron Guido, formerly the head Johnson & Johnson's anti-counterfeiting division, joined LaserLock Technologies to assist the Company in marketing its anti-counterfeiting and track and trace solutions to the pharmaceutical industry.
"When the FDA begins to implement this crucial program, LaserLock is looking forward to participating in pilot projects and public meetings with other industry stakeholders on how to best trace pharmaceuticals through the supply chain," said Michael Sonnenreich, Chairman of the Board of LaserLock Technologies . "LaserLock is uniquely positioned to play a leadership role in designing such a system."
ABOUT LASERLOCK TECHNOLOGIES, INC.
LaserLock is a high-tech solutions company in the field of authenticating products and people. It offers state of the art solutions to combat counterfeiting and identity fraud for governments, health care providers, the gaming industry, the financial services industry and high-end retailers.
The company authenticates products, government documents, and currency with a suite of proprietary security inks and digital solutions that have never been compromised, making them safer than other anti-counterfeiting technologies such as holograms. LaserLock's anti-counterfeiting solutions protect the reputation and bottom-line of governments and businesses around the world.
The company authenticates people by performing strong, multi-factor identity validation via a patented digital platform called VerifyMeTM, which identifies an individual by requiring a shared secret (something you know), a physical token (something you have) and a biometric factor (something you are). The process takes less than five seconds and achieves military-grade authentication standards. As the world moves away from password-based authentication technology, LaserLock's VerifyMeTM platform offers a more secure and easier alternative for authenticating online identity.
Ann Marie Clements
Sage Communications (for LaserLock Technologies)