Thursday, 16 January 2014

Global Anti Counterfeit Market for Food and Pharmaceuticals Worth US$79.3 Billion by 2014


A medical product is counterfeit when there is a false representation in relation to its identity or source. This applies to the product, its container, or other packaging or labeling information. Counterfeiting can apply to both branded and generic products and counterfeit products may include products with the correct or wrong ingredients, without active ingredients, with incorrect amounts of active ingredients, or with fake packaging [. Less developed countries were found to be major contributors to the counterfeit medicines. Counterfeit medicines pose significant health risks to patients which results in unnecessary morbidity and mortality. At 10% of global trade, counterfeiting affects many countries, causing serious downstream expenses and resource shortages . Many classes of drugs have been counterfeited and several factors are associated with it like poor regulation, a higher number of intermediaries, lack of awareness, and many more . Drug counterfeiting is likely to increase in the future as health care costs continue to rise around the globe. Globalization trends and deregulation continue to open new markets by which demand for pharmaceuticals is likely to increase, and with it the supply of counterfeit drugs. The anti-counterfeiting measures include the methods, techniques, devices, and nonmaterial which aid in the protection of the supply chain of industrial and consumer goods .
The security of the pharmaceutical supply chain can be strengthened by innovative packaging technologies and better business practices. Currently, Indian pharmaceutical companies produce about 20–22% of the world’s generic drugs (in value terms) and therefore counterfeiting is a subject that has great relevance for the Indian industry .
Need for anti-counterfeit technologies
Counterfeit drugs can lead to drug recalls and liability suits. In addition, brand loyalty is compromised as consumers perceive additional risks when using a company’s products. An effective anti-counterfeit strategy avoids this and ensures patient safety. Principle ways of combating counterfeiting include: legal actions on illicit traders, countermeasures using technologies, consumer education and information, private investigations, and cooperation with enforcement agencies. The implementation of anti-counterfeit technologies is the prominent preventive measure. In addition to providing authentication, they make the production of a convincing copy of a drug more difficult and costly. The government authorities, by employing these technologies, may ensure that drugs in the supply chain are legitimate. For example, the US Prescription Drug Marketing Act of 1987 (PDMA), amended by the Prescription Drug Amendments of 1992 (PDA), requires wholesalers to provide a pedigree prior to each wholesale distribution of prescription drugs.
According to a new market research report, ‘Global Anti Counterfeit market for Food and Pharmaceuticals (2009–2014), the global anti counterfeit market for food and pharmaceuticals market is expected to be worth US$79.3 billion by 2014, with an estimated CAGR of 8.6% from 2009 to 2014. The North American market is expected to account for nearly 62% of the total revenues.

Increasing cases of counterfeiting have resulted in implementation of anti counterfeit technologies. Anti counterfeit technologies are of two types namely authentication packaging and track and trace packaging technologies. North America holds a major share of the global anti counterfeit market. Asia has the highest growth rate due to untapped market and significant level of counterfeiting. Europe has a lower growth rate due to a relatively lower number of cases of counterfeiting.
The global anti counterfeit packaging market is expected to be worth US$79.3 billion by
2014, growing at an estimated CAGR of 8.6% from 2009 to 2014. Bar code forms the largest market segment; and is expected to reach US$26 billion by 2014. However, as the bar code market is attaining maturity it is growing at a very low CAGR of 0.4% for the same period. RFID market has the highest growth potential and is expected to grow with a CAGR of 20.2% for the same period.
North America is the largest segment in the anti counterfeit market and is expected to reach US$49 billion by 2014, accounting for nearly 62% of the revenues growing at a CAGR of 6.8%. Asia is the second largest market and is expected to reach US$14 billion by 2014 with a highest CAGR of 19.7%

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