Counterfeiting is an enormous and increasingly growing industry estimated at $600 billion each year. Counterfeit medicine alone accounts for $200 billion.
Sproxil's mission is to work with organizations and industries to provide technology solutions that improve the quality of life of individuals and societies.
Sproxil's vision is to empower consumers and improve societal well-being through technology solutions.
The consequences of counterfeit pharmaceuticals result in at least 700,000 deaths per year just from fake TB and antimalarial drugs alone, yet the total fatalities that occur from failure to receive genuine medication are substantially higher. Counterfeiters often focus their efforts on emerging markets, where resources and regulations are more sparse and the consumer has minimal recourse.
Our initial goal: to make sure people got the right medicine. In order to successfully combat counterfeit pharmaceuticals, we needed to ensure that certain factors were in place — a reliable security infrastructure, widespread access to consumers, education to facilitate implementation, and overall ease of use. One thing we knew was that mobile phone technology continued to enjoy increasingly high adoption even in emerging markets. So we turned our attention to empowering consumers to use their mobile phones to join the fight against counterfeiting.
The result? Mobile Product Authentication™ (MPA™).
Before buying a product, consumers scratch off part of the Sproxil security label on a product to reveal a unique, unit-specific code that they can text to a toll-free phone number. They then receive a reply from Sproxil, confirming that the product is genuine or warning that it is potentially fake or has been stolen.
Even though we have started with and will continue to have a humanitarian focus - protecting consumers from fake and dangerous counterfeits - the simple sophistication and ease of use of our solution, and our ability to reach and interact directly with consumers, now also allows us to assist in a number of other industries: cosmetics in Ghana, automotive parts in India, electrical cables in Kenya, and even luxury underwear.
Operating in five countries across three continents and publicly endorsed by the governments of Nigeria and Kenya, we've processed over 5 million verifications since our founding in 2009.