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  • Posted by Nicole Watkins
  • July 27, 2016
  • Blogs

The Cost of Counterfeits

The Cost of Counterfeits

The sale of counterfeit drugs is growing at twice the rate of legitimate pharmaceuticals and pharma companies stand to lose more than just profits from the fallout of counterfeit identification.

If you discover the Rolex watch you bought on holiday is not a bargain but actually a fake you’d be pretty peeved, but other than a hit to the wallet and maybe to your pride you would be no worse off. If you took a counterfeit drug on the other hand, the consequences could be far more serious.
In 2011 the World Economic Forum estimated that the sales of counterfeit medicine had reached $200 billion[1]; an increase of 90% since 2005, contributing to approximately 10% of all pharmaceutical sales globally. In developed markets, counterfeit drugs only account for around 1% of sales, but in ‘pharmerging countries’ such Africa, Asia and South America they are estimated to be accountable for up to 33% of pharmaceutical sales. With 1% of 4 billion prescriptions in the US amounting to 40 million prescriptions in the US each year, even in the west, counterfeiting is no small problem[2]. The sale of counterfeit drugs is growing at twice the rate of legitimate pharmaceuticals and pharma companies stand to lose more than just profits from the fallout of counterfeit identification.

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