The business magazine Fast Company has recently released their annual guide to the state of innovation in the economy, featuring businesses whose innovations are having the greatest impacts across their industries and the culture as a whole. They identified the World’s 50 Most Innovative Companies of 2013 and we are proud to announce that IBM SmartCamp 2010 finalist Sproxil was named #1 in the Healthcare industry and #7 overall, ahead of the likes of Google and Apple.
Sproxil’s service places a scratch-off label on products which consumers remove after purchasing to reveal a unique, random code. The code is sent via SMS to a country-specific short code, and the consumer receives a reply almost instantly indicating whether the product is genuine or not.
Sproxil’s services are currently used by several pharmaceutical companies in the fight against counterfeit drugs. The fake drug market, according to the World Customs Organization, is estimated to be a $200 Billion a year industry. The problem of counterfeit drugs is particularly acute in emerging markets; the World Health Organization estimates 30% of drugs in these markets are fake and may be very harmful to consumers.
Now Sproxil is expanding into other fields and discovering that customers for all sorts of products are eager to confirm that they got what they paid for, from agricultural goods to auto parts to the copper in electric wires. “There are lots and lots of uses for our services,” CEO Ashifi Gogo says.
Congratulations to Sproxil on this recognition, and IBM is proud to have been a part of their entrepreneurial journey. Best of luck and much continued success in the future!