Health and safety in pharma industries’ is projected to cause an exponential growth in anti-counterfeit technologies market.
According to a study conducted to examine the anti-counterfeit market on a global scale, the finding shows that the market will grow by 28.4% in 2027 a marginal difference between its $4.9 billion yield in 2019.
Every manufacturing sector has to deal with counterfeit products – unauthorized reproduction of a company’s products. In other to avoid the challenges of infringement and counterfeiting, safe packaging is essential as this will also reduce losses while protecting the reputation of both company and product.
Counterfeiting is a major problem across, pharma, fashion industries etc. it is more devastating in the pharma sector. This is because the outcomes which are a result of incorporating illegal and dangerous substances into medicines and can lead to disabilities and mortality. This is ruinous to the brand. WHO has suggested that of the $300 billion pharmaceutical industry, particularly in developing countries the counterfeit market accounts for 10%. With increase in online access to medicines, fake drugs have gained more grounds.
As of now, anti-counterfeiting is being adopted by pharmaceutical manufacturers. The first step is through the use of anti-counterfeit packaging that hinders duplicity thus improving drug safety. Customer awareness is of anti-counterfeiting packaging measures is at the root of driving down counterfeit products on a global scale. Other factors such as regulations and legislations set by the government foster the campaigns against counterfeiting in developed and developing countries. The use of anti-counterfeiting technologies is a successful approach when supported by legislations set out by governments.
The use of technology in the fight against counterfeit packaging is projected to be the approach with the best resolve. Adoption of anti-counterfeiting technologies in regions such as the Asia-pacific will drive to fruition the chances of success. The applicability of this anti-counterfeit technologies is deemed to show the largest growth across pharma and healthcare sectors this is due to high level of awareness and the implications of consuming counterfeit medicines.