Tuesday, June 4, 2013
WASHINGTON, D.C., June 4, 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 praises the U.S. House of Representatives for passing H.R. 1919, the Safeguarding America’s Pharmaceuticals Act of 2013 by a voice vote last night.
“In passing this legislation, the House of Representatives has taken a strong first step in addressing the dangers that counterfeit pharmaceuticals pose to our nation,” said Neil Alpert, President of LaserLock Technologies. “The counterfeit drug trade becomes larger every day, and now is the time to enact sensible measures to curb the growth of this illicit industry.”
H.R. 1919 works to strengthen America’s prescription drug supply chain by enacting a number of key provisions into law. Among them are requirements for manufacturers, wholesale distributors, pharmacies, and repackagers to establish tracing standards that will detail the origin and supply chain movement of a given prescription drug.
In April 2013, LaserLock Technologies submitted testimony to the House Energy and Commerce Committee on this topic, outlining its proposal for a safe and secure prescription drug supply chain. Critical to this process is the ability to easily and seamlessly integrate a track and trace system into the current supply chain using mobile devices, as well as the use of security inks that can be added seamlessly to the pharmaceutical packaging process. Further, LaserLock believes that to ensure the serialization markings are protected from counterfeiting, they must be applied by covert means.
“We look forward to participating in the ongoing process of protecting American consumers from counterfeit drugs, and believe LaserLock is uniquely positioned to have a leading role as Congress seeks solutions to this growing problem,” said Michael Sonnenreich, Chairman of the Board. “LaserLock’s various authentication technologies are suited to play a major role in any track and trace system.”
LaserLock’s technologies provide security and authentication solutions for drug supply chains. Through the Characteristic Verification System (CVS), VerifyMe™, and other patented technologies, LaserLock has the resources and experience necessary to protect American consumers from counterfeit prescription drugs.
H.R. 1919 now moves to the U.S. Senate for consideration.
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.