Providing cryptographic anti-counterfeit and real-time logistics along with track and trace solutions to Global 5000 companies, we spoke with CEO of IDLogiq, Kelly Nguyen ahead of the Anti-Counterfeit & Currency Expo. From company origins to what key challenges IDLogiq are currently facing in the industry, Kelly shed some light on what to expect from the company in the future, as well as what she hopes to gain from attending ACCE next week.
Hi Kelly, please tell us about your current role. What are your key focus areas and responsibilities?
Presently, I am the CEO and Co-Founder Prior of IDLogiq. Prior to IDLogiq, I was the Co-Founder and CEO of Mission Road Pharmacy, a specialty pharmacy with an annualized revenue of $160M+ and growing at more than 200% annually prior to getting acquired in 2012.
What inspired you to launch IDLogiq?
Although I am a pharmacist by profession, I am still shocked by the statistics surrounding counterfeiting. The global annual financial damages of counterfeiting are $1.8 trillion and 1 million human lives are lost every year due to counterfeit medications worldwide, and counting. These statistics have been the greatest inspiration to me and our team to work hard on our cause of being able to let not only companies but consumers to be able to authenticate products and medications they buy.
What do you think sets your company apart from your competitors?
IDLogiq will make sure your company exceeds DSCSA compliance, offering the highest level of security for your brand, product, supply chain stakeholders, and consumers. Currently, if a counterfeit product enters your supply chain, it is tough for authorized resellers to determine if the product is real or counterfeited. With advanced counterfeit technology, fakes can look just like the real thing. This means fake products can be sold to your consumers without anyone’s knowledge, which threatens the consumers’ safety and the brand image if there are any issues with the counterfeited product.
With the help of IDLogiq’s patented NFC security technology, counterfeit goods can be caught before they make their way to the end-users. By integrating our technology at the factory level, products can be tracked at each step in the supply chain. The product can be scanned and authenticated at any step of the supply chain to determine its authenticity and if it’s in the correct supply channel. This means we can stop counterfeit goods before they make it to the end user, which is extremely powerful in the fight against counterfeiters.
"As our technology brings about results, company success will follow."
What are some of the key opportunities and challenges IDLogiq faces right now?
All businesses face the challenges of funding, marketing, customer acquisition, competition, staying relevant, and so much more. They are all important to the foundation of any business.
The most important area to me, by far, is to be able to gain traction with the end users and have them adopt the technology, then gaining customer loyalty when they see the value of IDLogic. We address these issues by making sure our cryptographic algorithm and technology bring real value to our customers and the end users, and by making it easy to use and simple to incorporate into enterprises. As our technology brings about results, company success will follow.
Are there any new technology developments that you are currently working on? Can you tell us about them?
IDLogiq provides Global 5000 companies with highly secure, FIPS-compliant, state of the art cryptographic products and services to combat counterfeiting. We do have patented technology, which is huge in our industry. In addition to anti-counterfeiting, we also provide a powerful yet easy-to-use communication and engagement platform to empower the supply chain to connect with consumers. This platform enables extra services such as product recalls and customer feedback.
"I would say the thing that most excites me is changing the landscape of supply chains in the world and helping people."
What would you say most excites you about your role?
I would say the thing that most excites me is changing the landscape of supply chains in the world and helping people. Customers who unknowingly buy counterfeit objects are victims, and in the case of counterfeit medications, could be doing irreparable harm to their bodies. Over one million people die every year because of counterfeit medications and I am on a mission to end that.
How do you think the industry will develop within the next five years?
It is expected to grow at 15% CAGR (compound annual growth rate) and more if there is no effective containment.
What do you hope to achieve at the show in November 2018, and what connections do you hope to make?
We hope to get to know the key movers, shakers and decision makers of the industry and those who truly care to solve this counterfeiting problems with us. I want people to be able to see how useful our technology is and how we can genuinely help companies and consumers all around the globe.
In one sentence, what has been your greatest achievement to date?
To learn of the global counterfeiting issue and to be able to work with our team to find a holistic security solution to help combat counterfeiting.
Don't miss IDLogiq exhibiting at Anti-Counterfeit & Currency Expo next week, booth 337.
Join the conversation