The world’s biggest counterfeit problem
The value of counterfeit pharmaceutical drugs constitutes USD 200 Billion out of the total value of USD 1.8 Trillion of counterfeit products sold yearly across the globe. Even at this size, the growth of this problem shows no signs of slowing down. It is essential that a global technology driven, anti-counterfeit solution must be adopted for combating this menace.
Cross border, global issue
Due to the globalised economy, the pharmaceutical companies operate on a highly distributed model, with production and logistics spread across several countries. This provides immense opportunity for counterfeiters to access and infiltrate weak touch-points during the trade. The fake drugs issue is no longer a problem restricted to pockets of the globe. An Anti counterfeit solution for the pharma industry must take into account the length and complexity of the supply chain, and should be able to support multiple languages and cultural integrations.
Pain, pleasure and prevention meds
Counterfeit medications are now prevalent across all classes of medications, from lifestyle medications to life saving medications. This dramatically increases the potential damage to human life. The Pharma industry should activate an anti counterfeit solution that uses technology to integrate into all types of medications across the board.
Cheaper meds, costly price to pay
The cost of live saving or preventive medications maybe prohibitive for consumers – and they would be unknowingly attracted to the seemingly lower cost of counterfeit medications. The negative impact of counterfeit pharma products is amplified for preventive medications which are consumed at high frequency and for longer time periods. Similarly, live saving medications cannot have any compromise on efficacy as it can lead to death. In short, the consumer pays a costly price for (seemingly) cheaper medications. Anti counterfeit solutions for the pharma industry must be affordable enough to deploy across different drugs at different price points.
Additives that add harm
The counterfeit production process can add ingredients that are either damaging to the consumer (over and above the illness that they have), or ineffective because of passive or neutral additives. From rat poison to floor wax, counterfeit pharma products have been found to contain inhuman additives. The pharma industry pro actively deploys anti counterfeit strategies through legal channels, technology deployment and constant engagement with regulatory and government authorities.
Longer use, long term damage
Counterfeit medications consumed over a long time can result in multiple adverse effects. This has become such a large problem that doctors have started to actively raise this issue in the last few years. Doctors have started to detect damage solely caused by the consumption of fake medication, adding to the suffering of patients who had started off with other ailments. Anti Counterfeit technology for the Pharma industry should provide a solution that any patient can use to test their medication at any time during their treatment process.
More accessible, more deadly
The pharmaceutical industry has always tried to make genuine medications accessible to consumers – through improved distribution channels. However, the increased adoption of E-commerce and web enabled drug trade has increased accessibility at the cost of credibility and efficacy. Consumers like the convenience and privacy of online drug purchases, but often get duped through illegal and misleading websites. It is the need of the hour to design an anti counterfeit solution for the pharmaceutical industry that embraces the internet as part of the solution. Read up more on our detailed article on the impact of online pharmacies – https://ennoventure.com/the-web-of-deceit-counterfeit-drugs-sold-through-illegal-online-websites/
Incentivised for crime
The high margins enjoyed by counterfeiters and the low regulations in certain countries make it viable for the fake drug industry to thrive. The high margins allow counterfeiters to pay bribes, and acquire the latest technology to evade detection. Anti counterfeit campaigns must integrate pharma technology solutions (including software) that helps all the stakeholders in low regulation countries to detect fake medications. In such countries, the consumers must be empowered to protect themselves when the authorities are found lacking.
Easy to verify, impossible to replicate.
Counterfeiters now deploy the latest technology to make markings and packaging that are virtually visually indistinguishable from the original products. These counterfeit drugs find their way even into genuine stores through the supply chain, as no one can make out the difference easily. The pharma industry needs technology and software solutions that are impossible to replicate or ‘crack’. At the same time, the technology must be user friendly for consumers and stakeholders.
Real time data, real time impact
The pharma industry needs to work hand in hand with all stakeholders to effectively combat the large and powerful counterfeit lobby. The technology solution must be able to covertly track the penetration, movement and presence of fake drugs in the supply chain and distribution channels. The data must be available in real time for quick and effective action.
Key factors for a robust Anti-Counterfeit pharma solution :
- 1. Easy to deploy across all medical product categories
- 2. Easy for consumers to use across language, cultural differences
- 3. Affordable to integrate with low priced medications and generics
- 4. Uses the internet as positive leverage
- 5. Mobile friendly deployment for easy consumer adoption
- 6. Zero additional hardware required for any stakeholder to use
- 7. Can be used with existing mobile software like browsers
- 8. Use scalable solutions like cloud storage and computing
- 9. Impossible to replicate by counterfeiters
- 10. Works across all education and literacy levels
- 11. Equally available across all stakeholders from regulators to consumers
- 12. Real-time global location data for traceability
Ennoventure checks all the boxes!
Ennoventure offers an effective and robust anti counterfeit solution for the pharmaceutical industry. The foolproof brand authentication facility provided by Ennoventure, requires no new technology or learning curve for the consumer, and does not involve any new change to the production packaging process for drug companies. And this anti-counterfeit technology solution cannot be faked or replicated by counterfeiters. To know more, visit: https:// ennoventure.com/use-case/
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