With the prevalence of substandard and falsified (SF) prescription pharmaceutical products in the global supply chain, ARTiFACTS has created a SaaS technology platform to mitigate this critical issue. Through systematic screening of medication ingredients and securing provenance of all scientific and operational data, ARTiFACTS Verify contributes to reducing the incidence of SF drugs. In this Startup Showcase, we’ll delve deeper into what ARTiFACTS has to offer.
What is ARTiFACTS?
ARTiFACTS is a San Diego-based startup with a critical mission: enabling solutions for the global problem of substandard and falsified drugs. Their Verify SaaS platform is the solution they offer to combat the issue. With a successful pilot already conducted with the University of Notre Dame, ARTiFACTS is now seeking capital to support the commercial expansion of Verify.
How big is the problem of SF drugs?
The incidence of substandard and falsified (SF) prescription pharmaceutical products in the supply chain is a significant issue, both economically and socially. The cost of SF drugs to stakeholders is currently estimated to be $30 billion. The health and safety risks for patients and trustworthiness of the pharma supply chain can be catastrophic. ARTiFACTS Verify introduces a new level of transparency and security into the industry, providing fast, trusted, and transparent intelligence to regulatory authorities and other stakeholders to remove SF products and their suppliers from the market.
What makes Verify unique?
ARTiFACTS Verify is a cloud-based information management system that integrates scientific and operational supply chain data to address the global problem of SF drugs. Its primary benefits include high-volume processing of medicine samples, accurate and trusted results, and mitigation actions by stakeholder organizations. Verify offers a comprehensive solution to address SF drugs by providing an integrated toolset for academic and commercial stakeholders.
ARTiFACTS Verify is a disruptive technology that offers a much-needed solution for the substandard and falsified prescription pharmaceutical product problem in the supply chain. Scientist and researcher clients benefit from Verify’s distributed laboratory notebook features to capture, analyze, secure and report data findings. Commercial and non-profit stakeholders can use Verify to detect, intervene, and remove SF drugs from the market. ARTiFACTS investment in Verify’s development is aimed at reducing the risks and costs of SF drugs to all stakeholders, including healthcare providers, patients, drug manufacturers, and regulators.