The Need for Anti-counterfeiting Solutions Drives the Global Market

Counterfeiting is a global threat constantly plaguing our existence

. The number of cases is increasing every year, posing a serious threat to legitimate businesses. According to a study conducted by the International Trade Commission, the counterfeit market is handling trade worth $100 billion annually, and this $100 billion translates to a loss of $200 billion by the legitimate market.

Why is the counterfeit industry prospering?

The counterfeit market is a lucrative business, for both the trader and consumer who contribute to its growth. There are several valid reasons why attempts to curb this illegal trade have failed. The first is that though counterfeiting is a criminal offense, those dealing in this trade often purchase genuine goods in one country and produce duplicates in another, making their activities difficult to track. Second, the lack of strict rules and regulations in some countries enables the flourishing illegal market...

Another cause is the craze for well-known brands. Too often the public tries to emulate celebrities by aspiring for similar products. Finally, another contributing factor is the perception of American products as prestigious, fueling the market for replicated versions at lower costs.

Consequences of counterfeiting

The repercussions of counterfeiting can include the uprooting of legitimate companies due to immense financial loss and tarnished reputations. The counterfeit market has spared none and has mercilessly ruined high-tech, pharmaceutical and luxury goods industries.When businesses lose revenue, people lose their jobs. Thankfully, anti-counterfeiting measures are being executed to spread general awareness. The effects of counterfeiting must be drilled into the minds of consumers and commercial industries alike. Only then can any plans to expose this menacing industry be successful.

Pharmaceutical industries

Drugs are a very common and profitable market for the counterfeiting industry. The high demand for specific drugs encourages the production of duplicates on a mass scale. However, these drugs can be ineffective or even fatal if the ingredients or dosages are wrong, or can cause harmful side effects. People should be encouraged to stop buying drugs over the internet and made to understand that the majority of products sold there are counterfeit. It is also important to know that drugs that have been transported across the border are mostly duplicates smuggled illegally into the country.

Luxury goods industry

Counterfeiters have found the luxury goods industry an easy target for amassing profits. All makers of luxury items- clothes, footwear, handbags, wallets, perfumes, cosmetics- have suffered the consequences of this type of fraud. There seems to be no shortage of people yearning to flaunt a Louis-Vuitton or Gucci bag, a Rolex or Cartier watch. One out of every three consumers is willing to buy replicated luxury goods. The efforts of manufacturers to establish themselves as solid global brands become thwarted by this epidemic of theft.

Buyers and sellers need to understand that counterfeiters are thriving at their cost with no concern for consumer health or product reputation. Businesses should enact stringent anti-counterfeiting solutions to save their reputations, and consumers should embrace the same attitude, to stop the culprits from inflicting further damage.

The Need for Anti-counterfeiting Solutions Drives the Global Market

By: lisasmith

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