The new program, known as ePedigree, comes as drug industry analysts estimate that nearly 10% of drugs worldwide are counterfeit. The World Health Organization has also reported that $32bn in legitimate corporate sales is lost each year due to the sale of counterfeit drugs.
In a bid to combat this, new programs are now being developed that enable pharmaceutical companies to verify the authenticity and possession of drugs as they move through the supply chain. Recently, technology firms SupplyScape and Unisys announced plans to pilot their own electronic drug tracking system.
Cyclone said its ePedigree automates paper-based processes intended to prevent counterfeiting and safeguard the drug supply. The aim is to allow companies to link physical inventory movements with B2B transactions such as purchase orders, ship notices and invoices.
Cyclone also revealed that it is developing relationships with integrated supply chain software companies like Manhattan Associates in order to provide even broader support for safety-based supply chain initiatives.