Pharmaceutical anti-counterfeit drugs market forecast to be valued at US$1.1Bn in 2014
Pharmaceutical Anti-counterfeiting Technologies: Market Analysis 2014-2024 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-20 11:05:04
The worldwide pharmaceutical anti-counterfeit drugs technologies market forecast to be driven by government mandates during the period 2012 to 2017. By the end of 2014, the worldwide drugs anti-counterfeiting market is forecast to be valued at US$1.1 billion. The rising concerns over counterfeiting drugs will drive increased investment in the authentication and verification solutions which are focused on improving drug security.
The majority of countries lack the appropriate legislation to govern the manufacture, distribution, export and import pharma products at the appropriate level to protect against counterfeits. The WHO esimates that over 200,000 deaths annually are sourced from counterfeit drug intake and as a result could be prevented.
Poor coordination between drug regulatory agencies, healthcare providers, law enforcement bodies, and the consumers all contribute to the prevalence of counterfeiting activities in some developing regions. Therefore, close co-operation between manufacturers, pharmaceutical wholesalers, pharmacies, and the relevant authorities is needed to ensure a high degree of safety for pharma products.
The pharmaceutical anti-counterfeiting technologies market will witness significant opportunities for growth in the coming decade. An array of innovative and cost-effective anti-counterfeiting solutions is expected to be launched into the market by 2017. These innovative technologies, coming particularly from the fast growing radio-frequency identification (RFID) sector, will help in driving revenue growth in this market. We also expect innovations in the RFID sector to propel sales up significantly in the emerging economies as these technologies begin to gain market penetration
Between 2012 and 2017, growth in the market will be fuelled by government mandates that will require the unique serialisation of pharmaceutical products. In the US, these mandates have been proposed in California and Florida and there is a debate for it to be implemented nationwide. Growth will also be driven by the rising publicity given to technological solutions for track-and-trace purposes. Pharmaceutical companies are coming to the realisation that drug counterfeiting poses a significant danger to their brand´s reputation and patient safety.
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