Pharma anti-counterfeiting technologies market to reach $1.2 billion in 2015

The global market for pharmaceutical anti-counterfeiting technologies will reach a value of $1.2 billion in 2015, according to business information provide Visiongain’s report, titled Pharmaceutical Anti-counterfeiting Technologies: Market Analysis 2012-2022.

That study predicts that the pharmaceutical anti-counterfeiting market will grow strongly from 2012 to 2022. The illicit trade in counterfeit drugs costs the pharmaceutical industry billions of dollars every year. Also, the consumption of counterfeit drugs poses a serious threat to public health. Visiongain believes drug counterfeiting is one of the most pressing challenges facing the pharmaceutical industry. The more-widespread use of anti-counterfeiting technologies will help to defeat counterfeiting activities. Many opportunities exist for pharma companies and technology suppliers from 2012 to 2022, the report shows.

Peter Williamson, a pharmaceutical industry analyst at Visiongain, said: "Growth of the market will be stimulated by the introduction of industry-wide standards. To achieve this, regulatory bodies will enforce mandatory supply chain track-and-trace technologies. Increasingly, drugs are being protected from counterfeiting using a range of innovative technologies. Leading pharma companies are now realising the serious threat of counterfeit medicines by working closely with anti-counterfeit organizations. Visiongain believes that RFID (radio frequency identification) and 2D bar-coding technologies will be key areas of industry and market growth. Consumer empowerment will also help in efforts to counter fake drugs, further benefiting the technology market for pharma supply chain security.