Promotion of a recognised brand is integral to the success of any consumer business. Creating, developing and supporting that brand costs its owner in time and money, which is repaid by expanded markets and the opening of new windows of opportunity.
Unfortunately, some criminals take a free ride by using brands which are not theirs to sell counterfeit products, hoping to steal all the benefits of brand recognition without the hard work and investment.
1st 4 Connect is an independent organisation which believes in high quality care and personal service. We help businesses and individuals protect their brands and avoid becoming victims of counterfeit products.
The pharmaceuticals industry in Pakistan is both young and fast-growing. Although exports were only some US$100 million in 2007, the next few years saw five-fold growth and sales abroad are expected to reach $800 million in 2014. Domestic consumption was $1.4 billion in 2007, $2.3 billion in 2012 and is predicted to be $3.2 billion in 2014.
Potential expansion of the industry remains almost limitless, given that domestic spend per head is still just a few dollars annually and the outlook for exports is optimistic too. Pakistani producers are recognised for their quality and locally-manufactured products are increasingly being validated for use in jurisdictions worldwide. However, the World Health Organisation (WHO) estimates that around 20% of all drugs globally are counterfeit. As of 2011, the worldwide counterfeit pharmaceutical trade was estimated to be in excess of $200 billion. And the threat counterfeiting presents to the pharmaceutical industry and its customers is growing every day. Counterfeiters endanger both the health of consumers and the bottom lines of pharmaceutical companies. Millions of dollars in counterfeit pharmaceuticals are traded and potentially consumed daily throughout the world each year.
The Pakistani pharmaceutical industry also faces its share of threats from counterfeiting and in some instances it is at a very high scale. A recent WHO report reveals that some 30-40 per cent of medicines on sale in Pakistan are counterfeit. The WHO report ranks Pakistan 13th among countries that produce counterfeit medicines.