The anti-counterfeiting, authentication and verification technologies market has suddenly become in serious demand, especially in the healthcare industry. Because the market focuses on secure packaging of products in order to minimize counterfeiting or infringement, companies are working to implement better protocols in light of all the scams that are riding the wave of Covid-19.
“The outbreak of the coronavirus disease has offered an opportunity for fast cash, as criminals take advantage of the high market demand for personal protection and hygiene products,” according to Interpol.
It’s understandable that people are anxious in this time. However, it’s important to understand how some people are attempting to profit off the scarcity mindset and panic in the general public. This is exactly why there is a surge in counterfeiting products, from testing kits to products that claim to help combat the pandemic.
Why is there a spike in counterfeiting right now?
The pandemic has fueled a nation-wide demand for products that they believe will alleviate some anxiety. The problem is that these items, such as government-approved Covid-19 treatments that don’t actually exist. What is happening is that online scammers are taking advantage of the desperation by selling counterfeit items through websites, social media and even the dark web. And because we are all reliant on online purchases, it can be easy to fall into a cleverly laid out trap.
“People must be especially careful when ordering online from websites, e-commerce platforms and social media where outright fraud and advertising of fakes is already a major problem.” ACG director general, Phil Lewis.
This is especially the case now, when a fake cure could lead to death, or a fake test could mis-inform someone who believes they are do not have the virus when in fact they do.
While this has an immediate effect on the general public, it’s creating massive changes for company leaders who now need to implement anti-counterfeiting technology in their business.
As one of BCC’s top analysts, Bhavna Joshi argues:
“High production cost due to the addition of anti-counterfeiting technologies is a major challenge that is expected to hinder growth in the global market. Smart labels such as anti-theft tags, RFID tags and NFC labels add to production cost and restrict adoption of these technologies.
To date, there is no global instrument that is all-inclusive in scope for the counterfeiting of medicinal items. Such a classification would give a foundation for preemptive measures and the battle against counterfeit drugs. Counterfeit drugs are, without a doubt, a threat to public health.”
However, due to the real issues that companies are facing, there has been a rise in integration of anti-counterfeiting technology within various markets. These methods continue to actively work to stopping the counterfeit schemes that are popping up weekly.
For additional intel into the anti-counterfeiting technology market, download a free overview of our report, "Anti-counterfeiting, Authentication and Verification Technologies."