Blackstrap molasses would be a better supplement than a plain iron pill, as it is better balanced with other vitamins and minerals. That's the problem with today's supplementation. Someone mentions one deficient element and people rush out and buy a regimen of just that one element. In time, they throw a few other elements out of balance by flooding their system with just this one.
Plus it is delicious when used in the right places. Adding it to a soy protein powder drink, along with stevia, is great. It can also go well with cereal.