One lakh crore lost annually in India due to counterfeit products- ASPA

According to a new report by ASPA (Authentication Solution Providers’ Association), India suffers a loss of over one lakh crore Rupees per annum due to sale and purchase of fake goods by consumers from all sectors.

Nakul Pasricha, President ASPA said, “Counterfeiting is most prevalent in the pharmaceutical industry.” Mr. Pasricha has also urged the government to take adequate steps to mitigate such risks. He stressed on the need for proper implementation of authentication solutions, enforcement, awareness and monitoring which will reduce counterfeiting in Indian by 50% which would save around fifty thousand crore rupees per annum.

While quoting from a report of OECD (Organisation for Economic Co-operation and Development), Mr. Pasricha said that in India trade of counterfeit goods has increased steadily in the last few years whereas globally the volume in fake products now stands at 3.3% of the total global trade which causes a massive loss to brand owners in terms of revenue.

ASPA’s President also discussed about different technologies available against counterfeiters which include anti-tampering, tracking and tracing. He gave an example of Nigeria where the adoption of physical and digital authentication solutions has reduced the rate of counterfeiting from approximately 20% to 3.5% in the Pharma sector in three years.

He cited the high return of investment and positive impact of anti-counterfeit solutions around the world, Mr. Pasricha expressed confidence that India too will be on the road to adopt authentication technology.

Source: Lexology.com