Tuesday, November 19, 2013
WASHINGTON, DC--(Nov 19, 2013) - LaserLock Technologies, Inc. (OTCQB: LLTI), a company involved in authenticating products and people, today expressed its support of the Drug Quality and Security Act passed by the United States Senate.
"We are pleased that the Senate followed the strong bipartisan vote of the House earlier this year. This legislation is a desperately needed measure to protect the American people from the threat of counterfeit pharmaceuticals," said Neil Alpert, CEO of LaserLock Technologies. "We strongly urge President Obama to sign the bill as soon as possible."
The new law requires the Food and Drug Administration to implement an electronic system of tracing pharmaceuticals throughout the supply chain at the unit level and establishes a system of pilot projects in order to find the most cost-effective and secure technologies in order to achieve that goal.
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. LaserLock 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, LaserLock Technologies hired Ron Guido, formerly the head of Johnson & Johnson's anti-counterfeiting division, to assist the Company in marketing its anti-counterfeiting and track and trace solutions to the pharmaceutical industry.
"Now that a track and trace system will be the law of the land, we are looking forward to participating in this process with our unique, secure solutions to secure the national drug supply chain," said Michael Sonnenreich, Chairman of the Board. "LaserLock is uniquely positioned to play a leadership role in designing this system."
LaserLock Technologies' testimony to the House Energy and Commerce Committee can be found here.
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.