Liquid Gold. That's how Interpol has described organized crime's view of vaccine demand. The more in demand a product is, the more it will be counterfeited. We can count on an absolute tidal wave of COVID vaccine and treatment counterfeiting to flood the markets now that the vaccine is available.
Crowdsourcing your counterfeit detection gives you an army of real-time field inspectors. The underlying tech is also your key to more connected customers.
I have written and spoken about global counterfeiting issues many times. Pretty much in every single one, I’ve said something like “if you have a successful product, it will be counterfeited.” Illicit counterfeit rings have infiltrated pharmaceuticals, consumer goods, cosmetics, fragrances, automobile parts, aircraft parts, clothing, footwear, wine, spirits and more. The riches and rewards from producing and distributing counterfeit products in most cases far outweigh the penalties of...
The fight against counterfeiting and diversion is at a crossroad. Never has there been such a loss of revenue due to these global supply chain threats and it’s only getting worse. Companies are spending over $105 billion annually to combat these issues, yet this “gray market” of products is projected to surpass $2.8 trillion globally by 2022… That’s a 100% increase over ten years!
Virtually all brands—from the utmost recognized to the newly eager—face threats of product counterfeiting and gray market trading. In emerging countries, this menace is bold and audacious with outright fakes appearing in the open marketplace. In developed countries, the problem is equally insidious due to online sales of counterfeit products through e-commerce platforms.
I recently participated in a national campaign to warn consumers about the prevalence of counterfeit products—they are virtually everywhere. And more importantly, to let people know that there isn’t one failsafe method at this time to guarantee the authenticity of the products you purchase.
On November 12, Systech hosted the webinar Connected Packaging for Pharma—from Brand Protection to Consumer Insight.
During the webinar, our robust audience participated in peer benchmark polls and asked a number of questions.
Did you know that 80 percent of the world’s counterfeit goods come from China? Everything including luxury goods, cosmetics, wine and spirits, medicine and more are vulnerable to duplication and sometimes the fakes are so similar that it can be hard to determine the real from the phony. With that being said, brand owners across the globe view China’s counterfeiting business as a threat to their own.
In partnership with SafeProof.
Bootlegging alcohol didn’t get left behind in the Prohibition Era. In fact, according to a 2014 report by the World Health Organization, unregulated alcohol makes up 25% of all consumption worldwide. But what are the implications of fake alcohol? Why should everyone from consumers to manufacturers to government entities care? Let’s take a look at the facts.
India is on the cusp of introducing a new serialization program for domestic pharmaceutical products. Indian officials have designated this new initiative as a track and trace program though it appears from media reports that the proposed mandate will instead be aimed at creating a consumer-based authentication program. The idea is to print a unique serial number on drug packages so that consumers may authenticate the product via an SMS- or call-enabled mechanism to verify the code.