Counterfeiting is gravely impacting the pharmaceuticals industry by causing substantial losses in terms of revenue and credibility. Counterfeit pharmaceutical products, labelled with the names of original and legitimate product manufacturers are entering local markets globally. This has become a matter of serious concern for pharmaceutical companies, and the threat of lawsuits is a constant worry. Players in the pharmaceutical industry around the globe are increasingly working on ways to stop counterfeit products from penetrating the markets in order to prevent negative impact on their sales revenue and brand image.
Counterfeit pharmaceutical products are so very well packed that normal identification techniques are unable to differentiate between legitimate or original packaging and counterfeit ones. These products then end up being sent to the retail market for sale. Forged products, due to sub-standard quality, pose severe health concerns among consumers, which results in steadily diminishing brand image of original products. Each year, multi-million dollar losses are incurred by players in the global pharmaceutical industry due to presence of counterfeit products in their supply chain.
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Pharmaceutical products are one of the basic needs of consumer and this high need for medication invariably results in them coming in contact with counterfeit products due to the abundant availability of such products in local markets. Anti-counterfeit pharmaceuticals packaging has emerged as one of the most effective solutions to limit counterfeiting in the pharmaceutical industry. Growing incidence of counterfeiting in the pharmaceutical industry is resulting in increasing demand for anti-counterfeit pharmaceuticals packaging. This market is expected to expand at a significantly high growth rate over the forecast period as a result.
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Innovation in anti-counterfeit packaging technology and growing awareness among end-users are factors attributing majorly to growth of the anti-counterfeit pharmaceuticals packaging market. Government regulations in various countries across the globe is prompting players in the global market to invest more in advanced anti-counterfeit technologies. Due to these factors, the anti-counterfeit pharmaceuticals packaging market is expected to account for substantially high revenue growth over the forecast period.