Companies that specialize in anti-counterfeiting packaging have been using more holograms, 2D barcodes, forensic methodologies, mass encoding, radio frequency identification (RFID), and other innovations to help identify and intercept the release of those products into the marketplace as counterfeiters come up with new ways to produce, package, and market their illegal products.
These breakthroughs are benefiting businesses in combating a counterfeiting problem that now surpasses $600 billion in total global trade (up from $30 billion in the 1980s). That figure might soon surpass $1.8 trillion, which is greater than the GDP of most countries. The overall value of counterfeit and pirated goods together was around $1 trillion in 2013, according to data on counterfeiting and international trade, and is anticipated to climb to close to $3 trillion in 2022.
Combating Counterfeiting in Pharmaceutical Industry
The pharmaceutical field is expected to be the fastest-growing segment during the forecast period (2021–2026), according to MarketsandMarkets™. The industry is expected to grow rapidly as leading manufacturers around the world become increasingly concerned about the dilution of brand identity. Furthermore, over the forecast period, rising technological innovation for the development of highly secure packaging for usage in pharmaceutical sectors is predicted to fuel growth.
Mass Encoding as the Leading Anti-counterfeiting Packaging Solution
In terms of volume, mass encoding accounted for the largest demand for anti-counterfeit packaging in 2020. This market leadership position is a result of the increased demand for anti-counterfeit packaging solutions across end-use sectors. With the use of software solutions, encoded products enable product tracking through the various nodes in logistics and supply chain management activities. The market for thermal paper-based labels, which has also seen an increase in demand, uses a combination of barcode, digital mass serialization, and digital mass encryption.
IDLogiq Anti-counterfeiting Technology Solutions
IDLogiq is the leading anti-counterfeiting technology solutions company, especially in the field of pharmaceuticals. Counterfeit items can be intercepted before they reach the consumer with the use of IDLogiq’s unique NFC security technology. By integrating our technology at the manufacturing level, products may be tracked. From there, the product can be scanned and authenticated at any point along the supply chain to determine whether it is real or counterfeit, as well as whether it is in the correct channel. This enables us to detect counterfeit goods prior to them reaching the end customer, and provide an effective means to combat counterfeiters.
To know more about anti-counterfeiting technology solutions, contact IDLogiq.
- StackPath. (n.d.). StackPath. https://www.sourcetoday.com/market-insights/counterfeit/article/21183595/demand-for-anticounterfeit-packaging-escalates.
- Anti-counterfeit Packaging Market Worth $211.3 Billion By 2026 – Exclusive Report By MarketsandMarkets™. (n.d.). Anti-counterfeit Packaging Market worth $211.3 billion by 2026 – Exclusive Report by MarketsandMarkets™. https://finance.yahoo.com/news/anti-counterfeit-packaging-market-worth-123000785.html.