Counterfeit products are never pleasant. However, especially within the medicine industry, counterfeiting can have severe consequences. People’s lives are at risk. The World Health Organization estimates that one million people die every year as a result of taking counterfeit medicines.
Besides having severe consequences for people’s lives, counterfeiting is also a key challenge for brand owners because of the threat that counterfeiting poses to their revenues and reputations. Expert in law and administration Dr. Natalia Daśko says about counterfeited medicine:
“It is estimated that the global profits from the sale of counterfeit medicines amount to 150 to 200 billion euros per year, which makes this activity the most lucrative one in the entire counterfeiting business“
Source: Fighting counterfeit pharmaceuticals: New defenses for an underestimated – and growing – menace; Wahl et al. 2017
The problem is indisputable and the medicine industry need to react in order to reduce the losses caused by counterfeits. Otherwise people’s lives are at risk, billions will be lost and brand value will erode.