The report covers the present scenario and the growth prospects of the global anti-counterfeit packaging market in pharmaceutical industry for 2017-2021. To calculate the market size, the report considers the revenue generated by different vendors through the sales of various technologies that include covert technologies and overt technologies.
The global anti-counterfeit packaging market in the pharmaceutical industry can grow at a CAGR above 21% by 2021), finds a report on Radiant Insights, Inc. The adverse effects of fake drugs on human health can drive the global market during the forecast period (2017 to 2021). In addition, incorporation of anti-counterfeit packaging in pharmaceutical products to prevent losses can further support the expansion.
Anti-counterfeit packaging is a technology undertaken by pharmaceutical companies to prevent their brands. In addition, it prevents unlicensed companies to profit over the company's brand by selling spurious goods. Pharmaceutical manufacturers are employing advanced technology to create forms of packaging to fight fraudulent activities. This move is necessitated by the proliferation of Internet and its use by consumers to shop for medicines at cost-effective prices.
In order to put an end to the distribution of counterfeit drugs in the United States (U.S.), the U.S. Food & Drug Administration (FDA) had launched the Drug Supply Chain Security Act (DSCSA) in 2013. This act allows manufacturers to put in preventive measures to safeguard their products. This would allow the U.S. FDA to track the drugs at every level of the supply chain. The pharmaceutical industry in Europe has also created similar fiats to prevent counterfeit medicine sales.
Smart packaging is a solution considered to prevent such thefts. It has integrated technology with packaging that can allow manufacturers to get programmable alerts to track the location. They also offer other technologies like electronic anti-tamper safeguards to ensure quality and safety of the product. Another solution doing the rounds is the use of microtext. It allows words to be printed below one point size, which is invisible to the naked eye or without the use of magnification.
The worldwide anti-counterfeit packaging market is fragmented by technology, drug type, and region. Technologies are bifurcated into overt and covert. The covert technology segment employs techniques such as ultraviolet (UV) printing, security tear tape, and radio-frequency identification (RFID) tags to discourage infringement. For instance, Pfizer Inc., an American pharmaceutical manufacturer, has launched a preventive measure to discourage the sale of counterfeit drugs. The Patient Authentication for Safety via SMS (PASS) system launched in Malaysia allows consumers to check the company's hologram on its medicine against the Malaysian Ministry of Health's Meditag decoder for fake products.
By drug types, the market is divided into prescription-based and over-the-counter (OTC) drugs. The OTC drug segment is anticipated to grow at a significant growth rate during the estimated period. Popularity of OTC drugs that can be bought without a doctor's prescription is the key market driver.
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Regions in the global market for anti-counterfeit packaging are Europe, Middle East, and Africa (EMEA), Asia Pacific (APAC), and North America. North America is expected to be the biggest markets, on the basis of revenue, due to the presence of major pharmaceutical manufacturers and a large consumer base. The APAC market may grow at a robust rate during the forecast period. Presence of a huge number of pharmaceutical manufacturers in China and rising adoption of such security precautions may impel regional growth.
Major vendors in the anti-counterfeit packaging market include DuPont; Avery Dennison Corporation; CCL Industries Inc.; The 3M Company; and Authentix. Major companies are continuously researching new technologies by keeping it consumer-centric. For instance, TruTag Technologies Inc.'s silicon-dioxide microtags can be used to track pharmaceutical products throughout the supply chain with the help of an optical signature. The edibility of silicon dioxide allows its usage on the drug itself.
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