SupplyScape Raises $7 Million to Fuel Growth of Universal, Electronic Pedigree

04/15/2005

As the pharmaceutical industry moves closer to the full-scale implementation of a nationwide, standard tracking system, known as Universal Pedigree, to fight against counterfeit drugs, a cadre of firms recently announced its investment into one of the leading providers of pedigree solutions, SupplyScape Corporation. IDG Ventures, North Bridge Venture Partners and Pilot House Ventures have invested $7 million into the Cambridge, Mass.-based software manufacturer. In addition, SupplyScape announces the appointment of former Bristol-Myers Squibb CIO Jack Cooper to its board of directors.

"Over the past year, SupplyScape has worked hand-in-hand with government agencies and the pharmaceutical industry to develop a universal, electronic pedigree solution, which provides a common approach to finally stemming the tide of counterfeit drugs," said SupplyScape President Shabbir Dahod. "This investment of capital and the appointment of Mr. Cooper prepare the company to meet the industry demand for pedigree solutions as more states adopt the model developed in Florida, which requires pedigrees for all drugs by July 2006."

Universal Pedigree: Paving the Way to a Safer Drug Supply

Since 1987, the FDA has urged the pharmaceutical industry to increase patient safety by tightening the supply chain's vulnerability to counterfeits. Several states now mandate a drug pedigree, a certificate of authenticity detailing a drug's movement through the supply chain. Without the pedigree, it is difficult to determine where a drug has been and if it is safe. Now with the creation of a universal pedigree model, derived from federal and state laws established throughout the country, companies in the pharmaceutical supply chain can adopt a single format that allows pedigrees to be implemented in electronic or paper formats.

"With a universal pedigree in place, we anticipate rapid, national adoption of pedigree solutions for the full supply chain from manufacturer to wholesaler to pharmacy," said Jack Cooper, former CIO, Bristol-Myers Squibb, and newest member of SupplyScape's board of directors. "And safeguarding the supply chain is only the first benefit. SupplyScape's solution provides enormous business value for the long-term, including streamlining business operations, improving the speed and quality of shipping and receiving, and expediting returns processing and improving recall precision."

According to Jeffrey Beir, general partner, North Bridge Venture Partners, his firm was particularly impressed with the market positioning of SupplyScape's solutions. "The SupplyScape team has done a fabulous job creating this opportunity and is optimally poised at the nexus of technological innovation, market requirements and regulatory momentum," said Beir. Co-founder and CEO of eRoom Technology, Beir was most recently Executive Vice President of Products for Documentum, a division of EMC.

"SupplyScape is a leader that continues the definition of standard technology and long-term solutions," said Chip Hazard, managing general partner, IDG Ventures. "Working with the largest and most important companies in the pharmaceutical industry and state and federal regulators, SupplyScape has emerged as one of the major forces helping set the standards for the entire industry."

"Technology innovation and industry leadership have driven the company's success so far," said Stephen Van Beaver, general partner, Pilot House Ventures. "By inventing the electronic pedigree, this team reduced the burden of paper pedigrees for customers and transformed the regulatory requirement into strategic benefit for companies of every size in the Pharma supply chain industry."