Counterfeit Avoidance & Detection
According to the International Anti-Counterfeiting Coalition, since 1982, the global trade in illegitimate goods has increased from $5.5 billion to approximately $600 billion annually. Approximately 5%–7% of the world trade is in counterfeit goods. The FBI estimates that counterfeiting and piracy cost the U.S. economy between $200 to $250 billion per year, and has contributed to the loss of approximately 750,000 American jobs.
Counterfeit products are a significant issue for supply-side manufacturers, distributors, and consumers. Given the complicated nature of the today’s global supply chains—products and raw materials are typically passed multiple times between suppliers, brokers, and wholesalers before they make it to customers—it is not easy to determine where a product or its ingredients originated or if it was handled by an unauthorized trading partner. This counterfeit problem is difficult to remedy, generates negative publicity for the companies and their brands, and can result in litigation and costly recalls.
In some markets, new regulations have passed that require trading partners to provide an authenticated chain of custody of products as they move through the supply chain. This is the case with prescription drugs where details of how the drugs have changed hands through the supply chain are required to be documented in a Transaction Report. The US has enacted the Federal Drug Quality and Security Act (DQSA) and many countries around the world have already enacted similar—or more stringent—legislation.
rfXcel offers a suite of products to assist manufacturers, distributors, retailers, service providers, and customers to detect or avoid counterfeits and improve the safety and security of their products and supply chains.