Anti-Counterfeiting Technology To Top $1 Billion In 2014 Pharma Market

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Anti-Counterfeiting Technology To Top $1 Billion In 2014 Pharma Market

Recently, a market research report conducted by Visiongain indicated that in 2014, the pharmaceutical anti-counterfeiting technology market will reach over $1 billion around the globe. It's also expected that revenues will grow solidly in the anti-counterfeiting market through 2024. The prescription drug industry is one of the most targeted by counterfeiters; unfortunately, consumers are the ones who often pay the price, considering the medicines they take may be counterfeit and therefore a danger to their lives. In fact, the World Health Organization estimates that each year, about 200,000 individuals die due to counterfeit medications. To ensure that pharmaceutical products are safe, it is essential that manufacturers, pharmacies, pharmaceutical wholesalers and government authorities work in conjunction with one another. The sad fact is that many countries and developing regions simply do not have the appropriate legislation for controlling the process of manufacturing pharmaceutical products, then distributing or importing/exporting these drugs. The lead analyst in the Visiongain report, Moses Akintomide-Akinwamide, said that "The pharmaceutical anti-counterfeiting technologies market will witness significant opportunities for growth in the coming decade. An array of innovative and cost-effective anti-counterfeiting solutions is expected to be launched into the market by 2017. These innovative technologies, coming particularly from the fast growing radio-frequency identification (RFID) sector, will help in driving revenue growth in this market. We also expect innovations in the RFID sector to propel sales up significantly in the emerging economies as these technologies begin to gain market penetration.” Companies in the pharmaceutical industry are beginning to understand that there is a substantial risk to not only patient safety, but the reputation of their brands due to the rise in drug counterfeiting. Currently, RFID technology makes up the largest sector of the anti-counterfeiting technologies market with over 1/3 of the market share at 36.1%. While radio-frequency identification is a technology which is still emerging, many feel that RFIDs potential for track-and-trace combined with e-pedigree and other U.S. supply chain legislations will play a major role in promoting rapid growth in the pharma anti-counterfeiting market over the next several years. Markem-Imaje is a leader around the world in industrial traceability solutions. Let us help in your efforts to protect your brand from counterfeiting and diversion!

January 10, 2014
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