Have you ever purchased medication online? If you have, you could have purchased counterfeit medication without realising it since it is the biggest counterfeit industry of them all.
Counterfeit medicines have always been an issue in the pharmaceutical world. The internet has made it even worse, making it easier for criminals to get their counterfeit products into the market, with fake drugs slipping under the radar and putting people's health at risk, which can even be fatal. This mess costs companies big time, from lost trademarks to stolen packaging ideas.
Just how bad is it? The International Trade Administration throws out some jaw-dropping numbers, estimating the fake drug market at £75 to £200 billion.
Pharma's counterfeit problem is a heavyweight, and it's growing fast. Things like stricter laws and enforcement have had little impact on this problem.
How #smartpackaging Is Bringing New Solutions To This Challenge
#SmartPackaging is stepping in to address this issue. We're talking about smart packaging that uses tech like AI and QR codes to tell you what's real and what's fake quickly and easily. It's like the bouncer at the club checking your ID.
Other cool tech in development are radio frequency tags and heat-sensitive ink, giving you the inside scoop on your medicine. Smart packaging is the secret weapon to tackle these problems, but it needs to be used strategically to be most effective, and consumers need to be onboard.
The pharmaceutical world is all in on this. With more people needing meds as they get older and new medicines like moisture-sensitive drugs becoming a thing, the demand for smart packaging is skyrocketing. It's not just about stopping fakes; it's also about making packaging smarter and improving the customer experience.
Imagine your pill bottle doing more than just holding pills. It keeps them in the best condition, reminds you when to take them, and ensures you're not taking fake and life-threatening stuff. Smart packaging is here to safeguard the simple pill box, ensuring they're safe and sound while making your life easier.