Friday, April 26, 2013
WASHINGTON, D.C., April 26, 2013 - LaserLock Technologies, Inc. (OTCBB:LLTI), a global leader in providing state-of-the-art authentication solutions to governments, health care providers, high-end retailers and the gaming industry submited testimony Thursday to the U.S. House of Representatives Subcommittee on Health during a hearing on “Securing our Nation’s Prescription Drug Supply Chain”.
LaserLock proposed 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 to securely track and trace prescription drugs and stem the tide of the growing counterfeit pharmaceutical trade.
“We are pleased that the United States Congress is taking seriously the threat counterfeit drugs pose to the American people,” said Neil Alpert, President of LaserLock Technologies. “We believe it is critical that government, the healthcare industry and authentication providers work together to solve this problem. Our authentication system (Characteristic Verification System) is uniquely positioned to provide this kind of service.”
The proposed legislation would require the FDA to administer a serialization program to track and trace pharmaceuticals at the lot level and collect and store data about each lots movements throughout the supply chain.
In its testimony, LaserLock highlighted the components of an ideal system. Among the most important are the ability to easily and seamlessly integrate a track and trace system into the current supply chain using mobile devices, the use of security inks added seamlessly to the pharmaceutical packaging process, and, most importantly, ensuring that the serialization markings are also protected from counterfeiting by covert means.
“As a veteran of both government service and the pharmaceutical industry, creating a national track and trace system presents an opportunity for the public and private sectors to solve a dangerous and expanding problem,” said Michael Sonnenreich, Chairman of the Board. “LaserLock is uniquely positioned to play a leadership role in designing such a system.”
The complete testimony can be found at www.laserlocktech.com.
ABOUT LASERLOCK TECHNOLOGIES, INC.
LaserLock Technologies, Inc. based in Washington, D.C., is publicly traded on the OTC Market under the ticker symbol “LLTI”. The Company markets security technology to protect governments, health care providers, high-end retail goods, the gaming industry, documents and branded products from counterfeiting. To learn more, visit us at www.laserlocktech.com or follow us on Twitter @LaserLockTech.