Counterfeiting in pharmaceuticals is grave since it has a direct impact on healt – Medicines are an integral part of our lives given the fact that we as humans are susceptible to various forms of illnesses. But would it be shocking to know that these same medicines we turn to for cures of ailments could rather become hazardous to our wellbeing and even be fatal on some occasions? We might not be aware that many of the drugs we consume are fake and highly detrimental to our well-being.
It is no news that the counterfeiting nemesis is becoming more rampant and aggressive by the day; According to the United States Department of Treasury, an estimated $70 – $200 million in counterfeit bills are in circulation at any given time. According to a report by the ECC-Net (European Consumer Network), between March and August 2016, 562 cases of counterfeits were reported to the network of European Consumer Centers 1. Most of the goods that were bought in these cases were clothes, shoes, or electronic devices.
The ease of doing business in most parts of the globe is facilitating the growth of new businesses every day. Increasingly, small and medium-sized brands are sprouting across the world. Although globalization and advancement in technology have made it easier to establish brands, they are susceptible to umpteen challenges as well. While starting a new brand is easy, making it successful in today’s globalized economy is a big challenge for small and medium-sized companies.
Are you a brand that has just been introduced to the market and scared of your product getting sold illegally? Or are you an established brand that is regularly victimized by counterfeiting? Do you incur regular losses in business owing to counterfeiting or having trouble winning the trust of your customers? Then you are not alone as many businesses are susceptible to either of the above. Although counterfeiting has been around for a long time, the advent of technology has intensified the activities of illegal trade more than ever before.
For most millennials, the collection of Trading Cards remains one of the fondest childhood memories. Trading cards that were a rage back in the 90s and early 2000s, still appear to enjoy the same amount of popularity.
Are you aware of what is being served on your plate, and what you are feeding your body? Food security has become a major debate in recent times; it is in fact one of the towering problems that the food industry has been battling with for antiquity. Food fraud is a public-health food risk which has become a source of concern for all, and it poses danger for living things. It encompasses deliberate and intentional substitution, addition, tampering, or misrepresentation of food, food ingredient, food packaging or misleading statements about edible items for economic gain.
In March 2018, the world witnessed an infamous incident of counterfeiting that rocked the Jewelry brands industry. The US Customs and Border Protection Agency seized hundreds of pieces of counterfeit designer brand jewelry coming from Hong Kong that was worth $1.4 million. The package which contained 269 jewelry pieces was confiscated in Philadelphia. The shipment included necklaces, bracelets, earrings, and diamond pendants impersonating brands like Cartier, Chanel, Bvlgari, etc.
A lot goes into the manufacturing of a product; especially with the luxury market, each product that goes out is the result of countless brainstorming, designing, and skilled craftsmanship. Imagine these products that are crafted by the manufacturer being sold in non-approved distribution channels instead of making it to the actual market it is meant to be sold in.
The global fashion industry is finally recovering its footing after being hit by major disruptions emanating from the COVID pandemic of the last two years. The industry that spent decades turning design, aspiration, and high-quality goods into a $3 trillion global behemoth went for a toss when COVID came knocking.
We are living in one of the most prolific times of human history – technological advancement has been one of the biggest gifts to mankind. While we owe a lot to it, we cannot turn a blind eye to the fact that this development also becomes a nightmare to brands at this time. While the growth in technology has given brands an opportunity to create a place for themselves easily and increased their reach by blurring geographical limitations, it has also created the problem of brands maintaining their identity and authenticity both off and online. This has a lead to a situation the issue of brand protection has now been brought to the fore.
