Underground criminals producing counterfeit goods have become alarmingly good at replicating manufacturers’ branding and are infiltrating the market. That’s a significant problem for both manufacturers and consumers, and the scale of the issue is rising.
The trade in counterfeit and pirated goods now accounts for 3% of all international business, worth $509 billion. Moreover, alarmingly, the most recent EU Customs report revealed that of all border seizures of counterfeit goods in 2018, 34% had the potential to harm consumers.
Along with food and alcohol, there are many other industries vulnerable to imitation. According to the European Alliance for Access to Safe Medicines, around 62% of medicines bought online are illegal. This figure is consistently growing at an alarming rate, which means brands need to think fast to tackle the issue.
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