Study predicts that the pharmaceutical anti-counterfeiting market will grow strongly from 2012 to 2022. The illicit trade in counterfeit drugs costs the pharmaceutical industry billions of dollars every year. Also, the consumption of counterfeit drugs poses a serious threat to public health. Analysis believe drug counterfeiting is one of the most pressing challenges facing the pharmaceutical industry. The more-widespread use of anti-counterfeiting technologies will help to defeat counterfeiting activities. Many opportunities exist for pharma companies and technology suppliers from 2012 to 2022, the report shows.
Dr Peter Williamson, a pharmaceutical industry analyst, said: “Growth of the market will be stimulated by the introduction of industry-wide standards. To achieve this, regulatory bodies will enforce mandatory supply chain track-and-trace technologies. Increasingly, drugs are being protected from counterfeiting using a range of innovative technologies. Leading pharma companies are now realising the serious threat of counterfeit medicines by working closely with anti-counterfeit organisations. Analysis believes that RFID and 2D barcoding technologies will be key areas of industry and market growth. Consumer empowerment will also help in efforts to counter fake drugs, further benefiting the technology market for pharma supply chain security.
“The pharmaceutical anti-counterfeiting technologies market has great potential from 2012 to 2022. In addition, drug companies must maintain good reputations and act to protect their revenues. The key to supply chain security lies in the successful introduction of industry-wide standards worldwide. Cooperation and cohesion between regulatory authorities and manufacturers must improve. Also, increasing public awareness will help the fight against drug counterfeiters, benefiting suppliers of the technology, pharma companies and other stakeholders.”