The pharmaceutical market – Part 1
Sales of fake drugs have increased by 90% over the past five years. Today, 1 in 10 medicines is either of poor quality or falsified.
THE PHARMACEUTICAL MARKET
Fraud and illicit trade the big fight for pharmaceutical companies.
According to the WHO the sales of counterfeit medicines have risen by 90% in the past 5 years and 1 in 10 drugs found in the market are either substandard or falsified.
While counterfeiting concerns all products across all industries, they don’t all have the same impact on the consumer and society which is why I would like to focus today on one in particular: The pharmaceutical industry and the growing problem of falsified meds.
These drugs either contain active ingredients in the wrong dosages or no active ingredients at all which can be very dangerous to the individuals that take them resulting in serious illnesses and death. In fact, according to the WHO 1 million people die every year because of fake drugs.
While the requirements for each country differ, they all require that manufacturers give at least one identity to each product by serializing, printing a code containing specific product information before uploading the information to a regional or national database. common for further verification.
The problem, however, is that these regulations do not apply to all products and countries.
At EDGYN, we know that counterfeiting affects all products, whether high value or low value. And, contrary to what we think, counterfeiting is not limited to certain countries but is a global threat.
The second problem is that the regulations aim to put in place tracking and verification systems based on scanning a visible code, which is a fantastic start in the fight against counterfeiting.
However, Track-and-Trace systems as well as verification systems are not ideal for authentication, mainly because it is visible code which makes it vulnerable to attacks as it can be deleted, read and copied.
In this video we explain:
- The impact of illicit trade & counterfeit medicines around the world
- The challenges and limitations currently in place to fight against counterfeiting
- The three main elements of the “Ultimate Brand Protection solution”
What is the ideal solution?
The ideal solution is invisible, unitary and impossible to imitate.
EDGYN has been developing and perfecting this ideal solution for over 14 years
This is what we explain in part 2 …
- Press release
- Blog article