We all need medication at some point in our lives, and the unfortunate truth is that there are counterfeiters preying on us every day. They are able to manufacture and distribute a credible imitation of a legitimate drug as the genuine item and can often be found for sale online.
Another way counterfeiters are imitating is by diverting the genuine drug and selling it on the grey market. But who knows what they may be cutting it with (to increase their yield and profits).
DYK?: The World Health Organization estimates that pharmaceutical counterfeits were a $75 billion industry in 2010, with an annual growth rate of 12-16%. Read more here: https://www.who.int/bulletin/volumes/88/4/10-020410/en/
In the pharmaceutical segment, brand owners are genuinely concerned about the potential health and safety issues involved in counterfeit products. Large scale product recalls and public health risks are never popular with management and shareholders. Remember the Tylenol scare?
Now, pharma companies need to be in compliance with regulations to ensure the safety of their products. The US Drug Safety Law (Title II of DQSA, the Drug Supply Chain Security Act), signed November 27, 2013 by President Obama, puts in place mandatory unique marking for every medicine and every medical device sold in the US.. It parallels the European Market rules of very similar character that have been in place for more than five years.
Pharmaceutical companies can protect the quality of their prescription and OTC products through solutions such as “DNA MATRIXTM” (DNA gene segments and optical taggants). This process involves a counterfeit-proof marker which can be easily applied to product labels and integrated into the manufacturing process, reducing any potential liability. This provides consumers with the knowledge they need to ensure they are purchasing medication with specific active ingredients from a legitimate manufacturer. These DNA MATRIXTM encoded labels can be tracked and traced from the plant to the consumer and help drastically reduce parallel or grey trading, alteration and counterfeiting.
With all this being said, the pharmaceutical industry ends up relying heavily on the integrity of its branded products and the confidence of the consumer. With massive investments in R&D and product development, it’s a wonder that pharma companies cannot find a few extra pennies to invest in a label to protect and secure their supply chain.
What do you think about when purchasing medication?
Interested in learning more about unique anti-counterfeiting and brand protection solutions? Let’s talk.