Counterfeiting means imitating, generally one that is produced with the purpose to fraudulently sell off a product as genuine. Fraudulent practices have been stacking up in recent years, though the statistics cannot be validated, as counterfeit items are often impossible to monitor. Since copying is not substantiated, tracking it becomes realistically challenging.
Imitations are developed in
different ways. The aim is to persuade the end-customers to believe he/she is
purchasing a legitimate item, and many buyers are misled into trusting it. The
bottom line is, they are investing in a product that looks authentic. High tech
enterprises, pharmaceutical companies and industries producing luxury items are
facing counterfeit problems. Counterfeiting occurs due to parts extinction;
deficient inventory for an item’s design life; incapability to procure from an
authorized source and dumping too much inventory without monitoring or
traceability.
Lack of stringent
anti-counterfeiting measures will continue to disturb businesses and result in
huge losses. Luckily, there are an array of effective methods of implementing
anti-counterfeiting measures. Some of them include the trademark system, penalties
for counterfeit activities, RFID technologies and civil procedures. The major
factor that catalyses the adoption of proven anti-counterfeit packaging
technologies includes the demand for genuine items by government regulators,
company investigators or typically the customers. Furthermore there is a
growing necessity for restraining measures to run-in manufacturing units who
second and are involved in malpractices. Anti-counterfeiting technologies
facilitate food and beverage and pharmaceutical brands to adopt secure product
packaging and adhere to government regulations.
Last month, The Global
Closure Systems invented an anti-counterfeit closure that has an in –built
adroit tamper evidence ring. This ring immediately breaks, if someone attempts
a forced removal from a bottle offering a permanent evidence – clearly visible
by an end-customer. Philips has also been seen promoting its Anti-Counterfeit
Xenon HID Pack to make sure consumers are buying genuine products. Recently a
report published by Allied Market Research titled “Global Anti-CounterfeitPackaging Market in Security Documents and Event Ticketing - Industry Analysis,
Size, Growth, Trends, Opportunities, and Forecast, 2014 – 2020” focuses on the
major market strategies adopted by popular brands to curb counterfeiting
activities.
To top it all, these
aforesaid aspects have got several research analysts interested in the
anti-counterfeit packaging technologies market. The anti-counterfeit packaging industry
in 2013 was accounted for nearly $57.4 billion and is expected to soar up to $142.7
billion by the end of 2020. Besides, the aforementioned market would see a CAGR
of 13.9% through 2013 – 2020. Major pharmaceutical brands have suffered
approximately $514 billion in the year 2012 as a result of counterfeit
activities for a wide range of non –prescribed medicines.
