PHARMACEUTICAL ANTI-COUNTERFEITING TECHNOLOGIES MARKET ANALYSIS

Pharmaceutical Anti-Counterfeiting Technologies MarketSize and Trends

Market Dynamics

Pharmaceutical anti-counterfeiting technologies market is majorly driven by the increasing incidence of counterfeiting medicines affecting patient health and overall human capital. According to the International Trade Administration Top Market Reports on Pharmaceuticals published in 2016, the global market for counterfeit drugs valued at number of US$ 75 - 200 billion, which is a serious threat to the health of people worldwide. In 2017, the Pharmaceutical Security Institute (PSI) report stated a rise in drug diversion incidents around the world, which includes diversion of medicines supplied for compassionate use. Moreover, serious health incidence or eventual death due to the consumption of counterfeit drugs are major factors increasing the demand for anti-counterfeiting technologies, which would propel growth of pharmaceutical anti-counterfeiting technologies market. According to the estimate by the International Criminal Police Organization, (Interpol) counterfeit drugs causes more than 1 million death every year. Increasing intervention by government and other health authorities such as WHO, OECD, and Interpol to tackle the problem of counterfeit drugs is also expected to drive growth of pharmaceutical anti-counterfeiting technologies market size over the forecast period. For instance, the European Union launched EU Falsified Medicines Directive to control the volume of counterfeit drugs. Launch of new and innovative platforms in anti-counterfeiting technologies is another major factor driving growth of the market, as it results in more resilient technology at lower cost and provides high protection to the medicines. For instance, in 2017, Clariant introduced Plastiward system, which uses covert taggants developed by SICPA SA to supply an integrated plastic-based anti-counterfeiting technology that can be used in pharmaceutical packaging. They applied DNA technologies to develop signature molecular tracking system, which can be used in the tracking and tracing of legal cannabis for medical use. Other emerging technologies such as DNA based technology and intelligent packaging (printed electronics, micro sensors, Iot) would be commercialized in the near future.