The Global Pharmaceutical Anti-Counterfeiting Technologies Market will Reach $1.11Bn in 2014

Monday 6 January 2014, Amsterdam

A new report calculates the global pharmaceutical anti-counterfeiting technologies market will reach $1.11bn in 2014 and its revenues will show strong growth to 2024. That revenue forecast and others appear in Pharmaceutical Anti-counterfeiting Technologies: Market Analysis 2014-2024.

Counterfeit medicines come with the risk of health complications to the consumer. Individuals using these products could experience unexpected side effects, allergic reactions, or even death. The WHO estimates that over 200,000 deaths per year could be prevented if people did not use counterfeit medication. Many countries lack the appropriate legislation governing the manufacture, distribution, export, and import of pharma products; many of these countries also have weak sanctions for those caught counterfeiting. Poor coordination between drug regulatory agencies, healthcare providers, law enforcement bodies, and the consumers all contribute to the prevalence of counterfeiting activities in some developing regions. Therefore, close co-operation between manufacturers, pharmaceutical wholesalers, pharmacies, and the relevant authorities is needed to ensure a high degree of safety for pharma products.

Moses Akintomide-Akinwamide, the lead analyst of the report, specialising in the medical technology and pharmaceutical markets explains: “The pharmaceutical anti-counterfeiting technologies market will witness significant opportunities for growth in the coming decade. An array of innovative and cost-effective anti-counterfeiting solutions is expected to be launched into the market by 2017. These innovative technologies, coming particularly from the fast growing radio-frequency identification (RFID) sector, will help in driving revenue growth in this market. We also expect innovations in the RFID sector to propel sales up significantly in the emerging economies as these technologies begin to gain market penetration”

“Between 2012 and 2017, growth in the market will be fuelled by government mandates that will require the unique serialisation of pharmaceutical products. In the US, these mandates have been proposed in California and Florida and there is a debate for it to be implemented nationwide. Growth will also be driven by the rising publicity given to technological solutions for track-and-trace purposes. Pharmaceutical companies are coming to the realisation that drug counterfeiting poses a significant danger to their brand’s reputation and patient safety.”

The pharmaceutical anti-counterfeiting technologies market is comprised of a varied number of companies from large dominant multinationals to small and medium-sized firms. RFID technology currently makes up the biggest sector of the market, with 36.1% of the market share. RFID is an emerging technology; however, the track-and-trace potential and impending supply chain legislations such as e-pedigree in the US will be major factors in promoting rapid growth in the market in the coming years. The increasing incidence and prevalence of drug counterfeiting worldwide, and the resulting mandates and legislations, such as the European Falsified Medicines Directive being put in place by governments around the world will act to drive growth in the pharmaceutical anti-counterfeiting technologies market.

The 169 page study includes trends and revenue forecasts to 2024 for the 8 key regional markets. It analyses the US, Japan, Germany, France, the UK, Spain, Italy (EU5), Brazil, Russia, India and China (BRIC nations). The report also forecast the individual technology submarkets: RFID, Security printing, Taggants Holograms/OVD (optical variable devices) and Other pharma anti-counterfeiting technologies

Furthermore, the work shows exclusive interviews with industry experts AlpVision and also a Leading Anti-counterfeiting Technologies Company Based in the US.