Counterfeiting is age old for as long as mankind has existed, ideas/ intellectual property have been stolen, or cheaply mimicked. However, as the scale and complexity of modern medicines have increased, counterfeit medicines fail miserably as medicines and now can cause serious illness and even death. Fake drugs are often cheaper and hence more accessible to poor people for whom cost is a major consideration in healthcare.
The trade in counterfeit drugs has grown substantially and reached a global worth of billions of dollars-and today mainly dominate in the developing countries. An estimated 10–30 per cent of the medicines is fake according to World Health Organization (WHO) and a good 10% higher found in Asia, Latin America and Africa. Authorities find it harder to control in the developing world as it is hard to find the difference between fake and substandard drugs.
Many fake medicines in fact are dummies deliberately created to resemble genuine drugs. Often they are placebos - only resembling outwardly but without any active ingredient — but sometimes harmful or poisonous chemicals are added. Substandard drugs may have some medicinal value, but may contain far lesser active ingredients than necessary. Both fake and substandard drugs have an adverse impact as patients don't receive the required treatment. Some substandard medicines, can also have disastrous side-effects- and may even increasing resistance to drugs against serious diseases. To complicate matters for the authorities, legal definitions of counterfeit medicines are often so broad that they include generic drugs. Being non-brand versions of pharmaceutical drugs, Generics are produced and sold cheaply. As millions rely on inexpensive generic drugs to fight serious diseases like malaria or HIV/AIDS, laws that blur the boundary between these essential drugs can seriously threaten access to life-saving medicines.
WHY COUNTERFEIT DRUGS FLOURISH
Many rural areas have few pharmacies or health clinics, and it’s difficult to monitor or regulate counterfeits in far flung areas. As fake drugs are cheaper they are bought by poor people who reckon some medicine is better than none. Both stolen and 'knock-off' goods are widely and openly sold in markets in emerging markets, so counterfeit drugs may be taken for stolen, and hence as cheap, genuine medicines.
The poor legislative and regulatory framework for monitoring drug quality allows the fake medicines to flourish. Moreover, globalization facilitates counterfeiting, spreading distribution networks and advances in technology have also made high-quality labels and packaging relatively easy to produce, and pharmaceutical chemicals cheap to mass-produce. As a result, fake drugs are harder to capture.
Veritech specializes in identifying customers’ specific needs and offering a variety of solutions especially for the pharma. Sector. Pharmaceutical Labels are a key part of Shriram Veritech’s product range. Shriram Veritech boasts of almost all the leading pharmaceutical companies as its clients. The pharmaceutical labels are customized according to the client’s artworks and can be aluminum foil based blister packs. Shriram Veritech offers additional features like holographic elements and covert security features. With quick turnaround times, the best quality and total customization; customers will always get what they are looking for.
Be it Brand Protection, Document Security, or Packaging Solutions; Veritech provides end-to-end solutions for all requirements. Each solution comes with its own strengths and is devised keeping the customer's budgetary constraints in mind. Our unwavering commitment to innovation ensures that our products are designed to complement each solution. From concept to execution, we help you to implement effective brand protection & enhancement programs.
Veritech has unparalleled reputation of being technically advanced thus reiterating the mandate to protect the best brands. By continuously investing in Research & Development, we have created a steady pipe-line of new products to meet customer's requirements on demand. A sound technical understanding of customer's needs enables us to provide optimum solutions at all times to our esteemed customers We believe in going the extra mile. In line with this philosophy, our team has developed a host of value added features. This technological upgradation & customization helps our customers to stay ahead of counterfeiters at all times.