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Anti-Counterfeit Technologies for Medical Devices

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by Uday kanth Kankekar , Senior Research Analyst
30 September 2014

Counterfeit products are of the major concern for any industry. Pharmaceutical Industry and Medical Devices industries have been facing challenges with counterfeit products. Patients are at high risk as these may lead to serious health concerns or death, hence it becomes the responsibility of these companies to prevent, detect and resolve the root causes for the availability of these products. Global counterfeit and piracy market for the year 2013 is estimated to be around $1 trillion. In 2010, the World Health Organization estimated more than 8 percent of the medical devices in the global supply chain are counterfeit, which accounts to around $26 billion. The World Health Organization has reported that counterfeit medicines potentially make up more than 50% of the global drug market which accounts to around $450 billion. The counterfeit products are major threat for the brand image of the company. Apart from that they lead to huge revenue loss which will indirectly hamper the technological growth of that market as the companies will not be able to invest in their research and development. These consequences are more serious for healthcare sector as it is directly related to patient?s health (With repercussions as high as patient death) In the current world, which is connected via internet has become a major channel for the counterfeit products. 10 Chinese websites listed are selling devices ranging from Amphetamine testing strips to Epilepsy therapy devices. Some of them falsely claim to have CFDA approval, while others are counterfeiting legitimate devices.

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