No More Snake Oil: Veracity Protocol’s Stand Against the Bitter Reality of Counterfeit Medicines
We are all well aware of the crucial role that pharmaceutical and medical products play in improving public health and saving lives: they are essential for treating illnesses, managing chronic conditions, and preventing the spread of disease. However, we have seen an alarming rise in pharmaceutical crime incidents in recent years, with the Pharmaceutical Security Institute (PSI) reporting that incidents of counterfeit medicines have surged by 38% since 2020.
The impact of such criminal activities was notably evident during the pandemic, when countries worldwide struggled to secure personal protective equipment (PPE), only to fall victim to fraudulent schemes involving fake invoices and non-existent face masks. For example, Australia’s effort to procure PPE resulted in the acquisition of 800,000 faulty masks. This not only squandered taxpayers’ money but also posed a significant risk to healthcare professionals and their patients, exposing them to Covid-19. In less-developed nations, the situation remains even more perilous, exacerbating the challenges they face.
Approximately 10 percent of medical products in circulation within low- and middle-income countries are substandard or falsified.
The World Health Organization (WHO) states that approximately 10 percent of medical products in circulation within low- and middle-income countries are substandard or falsified. Disturbingly, in sub-Saharan African nations, this percentage is believed to be even higher, ranging from 19 to 50 percent. Such statistics highlight the gravity of the situation and the urgent need for action.
There are other concerns for pharmaceutical companies as well, especially when it comes to packaging errors. Such errors often necessitate extensive and costly efforts to manage product recalls. Unfortunately, these occurrences are all too common. According to statistics from the U.S. Food and Drug Administration, over the past decade, there have been more than 14,000 drug recalls, averaging nearly four recalls each and every day. These recall efforts can have significant financial and reputation consequences for drug manufacturers and pharmaceutical companies, further eroding the already low levels of trust in the industry.
In this article, we will delve into why drug manufacturers and medical companies must address the growing menace of counterfeit products before exploring how Veracity Protocol can provide Verification Solutions to combat these issues.
Shockingly, approximately 50% of drugs available for sale on the internet are fake.
The Growing Threat of Counterfeit Medicines in the Digital Age
The problem with counterfeit medicines has significantly escalated as people increasingly rely on the internet to purchase medication. Despite the products’ seemingly genuine appearance through packaging and descriptions, there is a disturbing reality that many of these items are, in fact, counterfeit. Shockingly, according to the World Health Organization (WHO), approximately 50% of drugs available for sale on the internet are fake. This poses a grave concern because these medications can prove to be ineffective, contain incorrect dosages or substandard ingredients, or lack the essential active pharmaceutical compound required for proper treatment. Tragically, counterfeit drugs are estimated to contribute to the tragic death of at least 250,000 children worldwide every year.
Purchasing medication from unverified online sources not only endangers individual health but also undermines the integrity of the pharmaceutical industry. It perpetuates the existence of illicit markets and undermines the efforts of reputable pharmacies and healthcare providers who prioritize patient safety and the delivery of authentic medications.
The Impact of Counterfeiters on the Pharmaceutical Packaging Industry
The widespread prevalence of counterfeiters and their highly sophisticated techniques have had far-reaching consequences for the pharmaceutical packaging industry on a global scale. The Future Market Insights (FMI) report’s findings underscore counterfeit manufacturers’ significant impact, resulting in substantial losses in terms of trademarks, packaging designs, intellectual property rights, and more.
Counterfeiters use advanced printing methods, high-quality materials, and replicate security features to make their counterfeit products appear authentic.
Counterfeiters, driven by profit and aiming to deceive unsuspecting consumers, employ sophisticated techniques to create counterfeit packaging that resembles genuine packaging by utilizing advanced printing methods, high-quality materials, and replicating security features to make their counterfeit products appear authentic. This level of sophistication makes it extremely challenging for the human eye to discern the difference between genuine and counterfeit packaging.
The use of original packaging by counterfeiters further complicates the identification of fake drugs. By acquiring genuine packaging through illicit means, counterfeiters can repackage their counterfeit drugs to make them virtually indistinguishable from legitimate products and create a façade of authenticity. This deceptive practice not only allows counterfeiters to exploit the trust placed in established pharmaceutical brands but also poses significant challenges for consumers, healthcare professionals, and regulatory authorities in identifying and intercepting counterfeit products.
In order to address the difficulties posed by counterfeit pharmaceutical packaging, The pharmaceutical industry must proactively find ways to protect its packaging, combat counterfeits, ensure authenticity, and safeguard the lives of patients. Veracity Protocol’s packaging verification solutions offer an effective means to achieve these objectives.
Veracity Protocol Is Revolutionizing Pharmaceutical Industry and PPE Market
Veracity Protocol is prepared to revolutionize the application of its technology by facilitating tracking and authenticity verification for all medical supplies. Our collaborative efforts with global partners revolve around a singular mission — protecting human lives. We’ve trained our AI model to understand what the material characteristics of a genuine item look like. With this breakthrough, anyone can now verify the authenticity of a product using nothing more than their smartphone.
Our collaborative efforts with global partners revolve around a singular mission — protecting human lives.
Every physical object has its own unique material structure and manufacturing characteristics. By capturing these characteristics through any camera, including smartphones, we generate an impenetrable Physical Code™ that ensures item identity, authenticity, anomaly detection, and tampering checks.
Applicable across industries for mass-scale protection
The applicability of our technology transcends industries, providing mass-scale protection. For instance, in the case of items like PPE, where individual item identity may be less crucial than general authenticity, our Batch Protection approach comes into play. By training the algorithm with a small number of authentic product samples, we create a Batch Physical Code™. Consequently, anyone can use their smartphone to determine whether an item originates from a genuine manufacturer and ascertain its safety for use. The scalability of this solution is impressive, as a limited number of samples can protect all items, regardless of production volume.
Veracity Protocol offers an end-to-end tracking and authentication solution, empowering companies, manufacturers, and consumers while prioritizing people’s well-being. By ensuring the security of medicines and medical supplies, countries and consumers can have unwavering confidence in the authenticity of their purchases.
With Veracity Protocol, patients can have peace of mind knowing they receive original drugs.
Our comprehensive approach goes beyond individual processes; we endeavor to secure the entire supply chain. Through meticulous drug tracking, data collection, and unwavering accuracy, we establish unparalleled transparency and traceability. Patients can have peace of mind knowing they receive original drugs, as our technology enables anyone to verify a product’s authenticity with a simple smartphone scan.
Advancing Patient Safety and Trust through Veracity Protocol’s Packaging Solutions
With Veracity Protocol’s advanced solutions, the pharmaceutical industry gains robust support in achieving packaging accuracy, data integrity, and quality assurance. We enhance patient safety, streamline production processes, and foster trust in the pharmaceutical supply chain.
Our vision for AI technology, along with procedural management and device communication, ensures that patients receive genuine medications and that companies can operate confidently and efficiently.
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Veracity Protocol is an award-winning startup that builds a Vision AI Standard to protect people and products in the digital world. The standard guarantees the highest level of trust and security for verifying the identity, authenticity, and integrity of physical objects using a smartphone.
