Pharmaceutical Anti-counterfeiting Technologies Market Opportunity Analysis, 2018-2026
Pharmaceutical products are one of the most vulnerable goods for counterfeiting practices worldwide. Counterfeiting practices involve substitution of original medicine with substandard drug containing toxic substance or no active ingredient at all. Anti-counterfeiting technologies are applied to nullify adverse impact on health of patients, which may lead to death of patient in extreme cases. Pharmaceutical industry has one of the highly complex supply chain management network, which makes it relatively difficult to track products from end to end platform, thereby increasing demand for counterfeiting practice.
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Unlike other products in which counterfeiting practices could be identified with visual appearance of the product by the end user, pharmaceutical products could not be identified for their spurious content by the end user or other stake holder. Moreover, various patented products of high price are counterfeited with spurious content to gain high profit. Anti-counterfeiting technologies consist of different types such as track and trace technologies, cohort technologies, overt technologies, and forensic technologies. Drugs that are commonly counterfeited include birth control drugs, anti-malarial, and other lifesaving drugs. Although there is a rapid change in technology landscape such as availability of smartphones, burden of anti-counterfeiting practices are increasingly shared by the end users.
Pharmaceutical anti-counterfeiting technologies market is majorly driven by the increasing incidence of counterfeiting medicines affecting patient health and overall human capital. According to the International Trade Administration Top Market Reports on Pharmaceuticals published in 2016, the global market for counterfeit drugs valued at number of US$ 75 – 200 billion, which is a serious threat to the health of people worldwide. In 2017, the Pharmaceutical Security Institute (PSI) report stated a rise in drug diversion incidents around the world, which includes diversion of medicines supplied for compassionate use.
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