The world market for pharmaceutical anti-counterfeiting technology will rise to roughly $1.2 billion in 2015, according to a new report by Visiongain.
That forecast, which appears in the UK-based research firm's "Pharmaceutical Anti-counterfeiting Technologies: Market Analysis 2012-2022," predicts that the pharmaceutical anti-counterfeiting market will grow at a brisk clip from 2012 to 2022.
With the illicit trade in counterfeit drugs costing the pharmaceutical industry billions of dollars every year, and consumption of counterfeit drugs posing a serious threat to public health, the study shows that more-widespread use of anti-counterfeiting technologies could help fight these activities and that many opportunities exist for pharma companies and IT developers.
"Growth of the market will be stimulated by the introduction of industry-wide standards," said Peter Williamson, a pharmaceutical industry analyst at Visiongain. "To achieve this, regulatory bodies will enforce mandatory supply chain track-and-trace technologies."
In particular, the Visiongain report says radio-frequency identification (RFID), optical variable technology and 2D barcoding have a key role to play in fighting drug counterfeiting. Consumer empowerment will also help in efforts to counter fake drugs, further benefiting the technology market for pharma supply chain security, officials say.
"The key to supply chain security lies in the successful introduction of industry-wide standards worldwide," said Williamson. "Cooperation and cohesion between regulatory authorities and manufacturers must improve. Also, increasing public awareness will help the fight against drug counterfeiters, benefiting suppliers of the technology, pharma companies and other stakeholders."
The Visiongain report analyzes trends for the United States, Japan, EU5 countries (as a group), Brazil, Russia, India and China. Among the vendors profiled: 3M, Authentix, Colorcon, NanoGuardian and Thermo Scientific.