Wakefield-based TraceLink has raised $20 million in equity funding as part of the plan to double its employee base (from 100 to 200) and move to expanded office space in North Reading.
The company has developed the technology that prevents the sale of counterfeit drugs. The technology consists of a cloud-based network with 80,000 manufacturers, distributors, repackagers, pharmacies and medical practitioners, and developing serialization generators and systems to keep track of where drugs originate and where they end up.
It is estimated that 20-30 percent of the global pharmaceutical supply chain is counterfeit.“It’s a silent killer, 99 percent of the drugs that are counterfeit have no active ingredients. So they don’t have any bad effects, (but) they don’t give any therapeutic value,” said Shabbir Dahod, president and CEO of TraceLink.
Dahod said it’s estimated that 20-30 percent of the global pharmaceutical supply chain is counterfeit, impacting anywhere from 100,000 people to 1 million people annually. To solve the problem, countries have begun systematically requiring that drugs be serialized and tracked.
To date, TraceLink has raised $27.2 million in equity financing, with the most recent round led by Volition Capital with participation from Fidelity Biosciences and FirstMark Capital.
“Because we’re the only provider with a network-based approach and (we’re) a dominant player, we decided to invest now in building up the infrastructure of the organization globally, to handle the volume of business,” Dahod said.