The Silent Healthcare Epidemic: Counterfeit Medicine

Author: Jay Joshi

Counterfeiting is big business. In 2012, counterfeit auto parts accounted for $4 billion in the US and $12 billion globally; electrical parts were $15 billion; personal care $4 billion; aerospace & defense accounted for 520,000 counterfeit parts in the US, and >5% of wine sold on the secondary market is counterfeit. Those numbers pale in comparison to the pharmaceutical industry. >8% of the medical devices in circulation are counterfeit. Global sales of counterfeit products in the pharmaceutical industry alone accounted for $431 billion in 2012 according to the World Health Organization. Counterfeit pharmaceuticals account for up to $200 billion in losses per year alone. Counterfeit medications are a cause for decreased wellness, increased morbidity, and even deaths. According to the Business Action to Stop Counterfeiting and Piracy group (BASCAP), the global value of the counterfeit industry will grow to $1.7 trillion in 2015 without any real solution in sight. The Drug Supply Chain Security Act (DSCSA) passed in 2013 mandated verification of the legitimacy of the drug product identifier down to the package level and enhanced detection and notification of illegitimate products in the drug supply chain. This session will discuss counterfeiting and what can be done. (Recorded at PAINWeek 2016)

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