- The use of counterfeit drugs
is estimated to finance a $75 billion global counterfeit pharmaceutical industry.(2)
It is estimated, by the World Health Organization, that 90% of counterfeit drugs
are sold on the Internet and that the global sale of counterfeit drugs
will reach $75 billion this year.
To combat this problem the government has partnered with multinational pharmaceutical companies Pfizer, GlaxoSmithKline, and Sanovi-Aventis to educate the public about counterfeit drugs
' dangers and to train pharmaceutical inspectors in the latest and most efficient techniques for identifying them.
Summary: Geneva, May 19, 2010, SPA -- Production and sale of counterfeit drugs
is on the rise in rich and poor countries, with more unwary consumers buying them over the Internet, Reuters quoted experts as warning today.
The global counterfeit drug
trade is a booming industry.
Gill, former professor of criminology and head of the university spin-out company PRCI, said: "The need to remove counterfeit drugs
is greatest in developing countries but there have been an increasing number of reports of them becoming available in the developed world.
The prevalence of counterfeit drugs
worldwide is an increasingly pressing global public health issue.
In its latest report on fake products, it warns that when compared to 2007, there were 57% more interventions by EU customs teams to seize counterfeit drugs
, and a "remarkable" 118% increase in the number of fake medicines seized--to 8.8 million items.
He warned that consumer ordering pharmaceuticals from them might receive counterfeit drugs
with incorrect dosage, false labeling, no pharmaceutical benefit or worse.
Methods of producing counterfeit drugs
have become increasingly sophisticated.
Worldwide sales of counterfeit drugs
were forecast to reach 75 billion US dollars (pounds 38.22 billion) in 2010.
In developing countries, counterfeit drugs
already have significant effects on public health.