Counterfeiting is constantly tarnishing the reputations and profits of companies in the life sciences & healthcare industries, with fraudsters misleading and deceiving up to one-third of the market. Counterfeiters have exploited the growing trend of consumers buying medicines online, as well as the increasing demand for prescription-only drugs. Counterfeiters now target life-saving medicines that are in high demand. Since counterfeits can result in treatment failure or even death, it is essential for pharmaceutical companies to take immediate action to protect their brand assets from irreparable and devastating damage.
Prescription drugs make up the majority of the counterfeit goods market, worth more than $200 billion annually, and up to 30 per cent of pharmaceutical drugs in circulation around the world are counterfeit.
The alarming figure, however, is that up to one million people die annually from counterfeit pharmaceuticals. The cost to the healthcare system is in the billions for hospitalizations as a consequence of using counterfeit medicines.
In recent years, IFW Global has identified and shut down hundreds of illegal online pharmacies. These counterfeiters hide their physical address; however, through innovative technologies and close relationships with foreign law enforcement agencies, IFW Global has been able to locate production factories and conduct on-the-ground raids to stop operations, seize assets and obtain evidence that is used in a court of law when seeking damages. This on-the-ground capability goes beyond disruption and whack-a-mole techniques used by other providers and often leads to a positive financial return on investment for multinational clients.
IFW services for the life sciences & healthcare industry;