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Staying ahead of the growing counterfeiting market

The Organisation for Economic Co-Operation and Development currently estimates that the cross- border counterfeit market accounted for between $461 billion and $1.7 trillion in 2016. However it is hard to quantify figures because it mainly relies on the seizure of counterfeit goods by authorities, but not all goods are intercepted which makes means these figures only reflect part of the global industry. Illustrating that this is a pertinent issue within the industry. There are numerous costs and impacts of this damaging counterfeiting culture, such as loss of trade and revenue, health and safety risks and brand dilution.

Tools such as serialisation have been pushed to aid anti- counterfeiting efforts. For example, the EU Falsified Medicine Directive (EUFMD), which requires serialisation and bar codes on the smallest saleable units of drugs by 2018. Serialisation allows for improved cold chain tracking and gives companies the confidence that they are complying with regulatory standards.

With so many collateral issues attached to this, it is important that brand leaders strategise collaboratively to work against this damaging counterfeit culture. PACE European Forum 2018 offers a platform for brand leaders to discuss initiatives and share experiences in combating counterfeiting within the industry.