Pharmaceutical products are one of the most vulnerable goods for counterfeiting practices worldwide. Counterfeiting practices involve substitution of original medicine with a substandard drug containing toxic substance or no active ingredient at all. Anti-counterfeiting technologies are applied to nullify adverse impact on the health of patients, which may lead to the death of the patient in extreme cases. Unlike other products in which counterfeiting practices could be identified with the visual appearance of the product by the end user, pharmaceutical products could not be identified for their spurious content by the end user or other stakeholders.
Anti-counterfeiting technologies consist of different types such as track and trace technologies, cohort technologies, overt technologies, and forensic technologies. Although there is a rapid change in the technology landscape due to the availability of smartphones.
According to the International Trade Administration Top Market Reports on Pharmaceuticals published in 2016, the global market for counterfeit drugs valued at number of US$ 75 – 200 billion, which is a serious threat to the health of people worldwide. According to the estimate by the International Criminal Police Organization, (Interpol) counterfeit drugs causes more than 1 million death every year. Increasing intervention by government and other health authorities such as WHO, OECD, and Interpol to tackle the problem of counterfeit drugs is also expected to drive the growth of pharmaceutical anti-counterfeiting technologies market size over the forecast period (2018-26).
Access the full report: https://www.coherentmarketinsights.com/ongoing-insight/pharmaceutical-anti-counterfeiting-technologies-market-1747
Source: business herald