Counterfeit And Piracy In Pharmaceutical Industry

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Counterfeit and Piracy: The Constraint to World Health, Economy, and Society
As different industries are producing high-quality products to respond to the needs of 21st-century generation, the problem of counterfeit and piracy is rising thus becoming a threat to the society and economy. Counterfeit and piracy do not discriminate industries; they are threats to almost every industry where profits can be made. Among the most targeted industries, there are fashions and luxury industry, software and media industry, and pharmaceutical industry which is the focus of this paper. Counterfeit and piracy of pharmaceutical industry do not only affect the social and economic development of the world but also account for the loss of life of many people
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According to Cambridge English Dictionary, to counterfeit is an act of making a product that looks original of something, usually for dishonest or illegal purposes. ("counterfeit Meaning in the Cambridge English Dictionary," n.d.) As it relates to pharmaceutical, it refers to the act of illegally copying, imitating, or producing drugs and other pharmaceutical products with an aim of deceiving customers that they are genuine. Those products are usually sold at the same cost as the cost of genuine ones. Contrary to counterfeit, piracy as it relates to the pharmaceutical industry is the act of copying drugs and other pharmaceutical products with the knowledge that customers will know that they are fake. Hence selling them at low cost compared to genuine ones. Intellectual property, copyright, trademark, and licensing are other terms that cannot be left behind as one talks about counterfeit and…show more content…
(n.d.). Retrieved from http://www.safemedicines.org/2005/11/109th-congress-discusses-the-tragic-death-of-missouri-cancer-patient-given-counterfeit-drugs.html counterfeit Meaning in the Cambridge English Dictionary. (n.d.). Retrieved from http://dictionary.cambridge.org/dictionary/english/counterfeit
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The Health and Economic Effects of Counterfeit Drugs. (n.d.). Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4105729/
OECD Secretary General Herausgebendes Organ EUIPO Herausgebendes Organ. (2016). Trade in counterfeit and pirated goods: Mapping the economic impact. Paris: OECD Publishing.
Satchwell, Graham. (2012). A sick business: Counterfeit medicines and organized crime. Retrieved from Stockholm Network website: http://www.unicri.it/topics/counterfeiting/medicines/report/Ctf_medicines_and_oc_advance_unedited2013.pdf
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