Counterfeit drugs aren’t just a big problem in the United States.
Europe, too, has a high number of incidences and is doing an equally vigorous job investigating ways to thwart fraudsters. It’s an effort by authorities that includes researching RFID to track and trace medicines.
According to European news outlet livescientist.com, Frost & Sullivan finds that the European Markets for RFID in Pharmaceuticals earned revenues of US$18.0 million in 2005 and estimates this to reach US$464.8 million in 2012.
“Globally, about five to eight per cent of prescription drugs are counterfeit, which is a big liability for pharma companies,” notes Frost & Sullivan Research Analyst V. Sriram. “The absence of integration across the supply chain and the inability to track products at every stage has intensified this trend, while creating a real and urgent need for RFID.”