WISeKey registers strategic patents in the U.S. for an anti-counterfeiting NFC IoT Chip

WISeKey International Holding Ltd (WISeKey), a cybersecurity IoT platform company, today announced that it has adapted its U.S. patent. No. 7,898,422 for an anti-counterfeiting NFC device designed to protect the pharmaceutical industry from the escalating counterfeit problem which is causing damage to these companies and putting lives at risk (see list of U.S. patents here).

The World Health Organization (WHO) recently estimated that one-third of all medicines sold worldwide are illegitimate. Ecommerce has provided a gateway for these illegitimate products which falsely associate themselves with reputable brands to give themselves credibility. This has led to a large rise in illegal online pharmacies as well as online marketplaces distributing them. Fake drugs are everywhere. And they’re having a devastating impact, not just on pharmaceutical companies, but on consumers.

WISekey NFC IoT Chip enables brand protection as it effectively fights counterfeiting by providing a digital identification of the product for manufacturing control, product authentication and tracking and tracing in a reliable and secure way, while protecting user’s personal data.

The NFC IoT Chip installed on a smart bottle can be scanned remotely by an NFC reader to retrieve information on the pharmaceutical product, to confirm the authenticity of the information. When the pharmaceutical product is used, the NFC device is installed on the smart bottle/package is damaged, so that the packaging cannot be reused for another counterfeit product. The NFC IoT Chip authenticates the content of on the braded packaging using a state-of-the-art technologically that encompass wireless communication capabilities for connecting with computing devices such as smartphones or wearables and an artificial memory that helps provide alerts through display or sound system. Transparency Market Research estimates that the global smart bottle market of US$88.6 million in 2016, will reach US$258.8 million by 2024, registering a CAGR of 14.3% between 2016 and 2024.