Today’s Wall Street Journal features Sproxil’s partnership with the National Agency for Food and Drug Administration and Control (Nigeria’s FDA) and one of Nigeria’s largest drug companies, BIOFEM Pharmaceuticals to deliver extra value to consumers in Nigeria in the fight against counterfeits.
Enjoy.
Today has been an extremely busy day at the Sproxil offices. In addition to the piece in the Wall Street Journal we also got coverage by Venture Capital Dispatch and by Reuters. Today Reuters posted a video interview we gave a while back, but they had to take time to properly edit it. Reuters also included an image and link for the video in their daily update email to all their subscribers.
We’re very excited about the coverage and happy that people outside of the developing world are learning more about the counterfeit problem that we are trying to address. It also seems to have generated interest from some potential business partners, investors and customers too, so we might not be able to post as often as we like for a bit, but don’t worry that’s a good thing for all of us – especially consumers in the developing world.
In its most recent market forecast report, Pyramid Research discusses the rise in the innovative use of enterprise-strength technologies in emerging markets. Pyramid’s Tim Kridel writes that Sproxil’s MPA technology is an example of an innovative product providing a solution to a pressing market need – consumers’ desire to obtain purchase decision support at pharmacies in cash-based societies.
The report “Enterprise Services in Emerging Markets: A Survey of Innovation and Opportunities” is available for purchase through Pyramid Research’s website. Alternatively, you can watch a preview presentation about the report.
Last year, NAFDAC (the Nigerian Food and Drug Regulator) gave an indication that it will be deploying innovative technologies to put the power of authentication in the hands of consumers. We are glad to announce that on 02/02/2010, NAFDAC launched the Mobile Authentication Service (MAS) – another milestone in its long history of fighting fakes in cash-based societies like Nigeria.
NAFDAC’s MAS provides consumers with an easy way to connect with legitimate brand owners as they authenticate products at the point of purchase. In addition to NAFDAC’S recent success in intercepting 100 million Naira (about USD 660,000) of fake anti-malarials at Nigeria’s ports, the trail-blazing regulatory authority has seen value in adopting Sproxil’s MPA technology to further enhance the protection it provides to consumers in Nigeria, while showing the potential Sproxil’s technology could have in several cash-based societies.
NAFDAC is working with stakeholders on sensitizing the public on MAS, and consumers have already started texting to the toll-free SMS authentication hotline and accessing our 24×7 support center. You can learn more about MAS by accessing the FAQ here [PDF].
Edwards Angell Palmer & Dodge (EAPD) a global law firm with 12 offices worldwide has selected Sproxil as an inaugural participant in its HIT – Helping Innovators Thrive – program. The program offers young companies support and access to strategic legal advice and provides discounts, deferrals and awards of free legal services. In recognition of its innovative and commercially viable technology, Sproxil will receive access to strategic advice on corporate structure, fund raising, equity compensation, intellectual property, licenses and collaborations.
Alden Zecha, CFO & Strategist for Sproxil said, “EAPD’s HIT program provides us with a tremendous benefit and we look forward to working with EAPD. We have already received support and encouragement from EAPD’s top-tier, legal team. They bring significant expertise and contacts in both the technology and health care spaces where we work. That is invaluable to an early stage, founder-funded company like ours, especially as we grow and eventually obtain outside funding.”
The official announcement is here.
Sproxil, a finalist at the first African Diaspora Marketplace (ADM), has won support from USAID, Western Union and Ecobank in the first ever ADM event.
The seven month-long due diligence process to select Africa’s most promising startups ended with a 2 day event in Washington DC, where 58 finalists were invited to showcase their companies to investors. Out of the 733 original applicants, only 14 were awarded grants from a pool of nearly $1.5 million.
Speaking at the awards event, Sproxil’s CFO and Strategist, Mr. Alden Zecha said “Winning this award helps to further validate the value and impact of Sproxil’s solution for the developing world. The timing also coincides with our market launch earlier this month. African consumers are now much safer from the threat of counterfeit pharmaceuticals.” With our Mobile Product AuthenticationTM product recently introduced to the Nigerian market, Sproxil’s clients are already seeing significant uptake from the public, as consumers enjoy the benefits of purchasing genuine products. Support from USAID, Western Union Company and Ecobank will help us protect even more high-value commodities in Africa, and expose the world to a renewed continent where valuable brands can be appreciated and protected from counterfeiting.
To learn more about the African Diaspora Marketplace, visit the ADM Website or see the full list of winners.
Sproxil CEO Gogo presents at the 2009 Corporate Council on Africa 7th Biennial U.S.-Africa Business Summit, attended by five African presidents and current U.S. Secretary of State Hilary Clinton.
The business summit featured forward thinking organizations and business entities actively involved in developing Africa through wealth creation, by leveraging America’s strong history of private enterprise, technology innovation and sound management principles. The Corporate Council on Africa’s membership represents an overwhelming majority of U.S.-based enterprises doing brisk business in Africa.
More on the CCA:
“The Corporate Council on Africa (CCA), established in 1993, is at the forefront of strengthening and facilitating the commercial relationship between the United States and the African continent. CCA works closely with governments, multilateral groups and business to improve the African continent’s trade and investment climate, and to raise the profile of Africa in the US business community.”
Watch Secretary Clinton deliver her remarks here.
Sproxil CEO and founder Ashifi Gogo will be speaking at the Foundation for National Institutes of Health’s mHealth Summit on the use of Mobile Technologies in Health and Health Research. The summit is being held October 29-30, 2010 in Washington, DC to help accelerate the successful use of mobile technologies to play a crucial, strategic role in reducing health disparities around the world.
The mHealth Summit is a public-private partnership being convened by the Foundation for NIH, the National Institutes of Health and other agencies to bring together researchers, policy-makers, collaborators and visionaries from around the world to exchange ideas, novel approaches, research and findings surrounding mHealth issues both in the United States and in developing countries. You can find out more about mHealth Summit here.
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