The Effects Of Counterfeited Drugs On Pharmaceutical...

The Effect of Counterfeited Drugs on Pharmaceutical Companies The market for counterfeit pharmaceuticals has grown exponentially in the last five years. According to an estimate published by the Center for Medicine in the Public Interest in the USA, â€Å"Worldwide sales of counterfeit medicines could top US$ 75 billion this year, a 90% rise in five years† (WHO, 2010). This massive rise has greatly affected pharmaceutical companies and law enforcement agencies. The data exposing the effects the counterfeit industry has on companies does not seem to be public knowledge. Chris Jenkins is a founding member of the Pharmaceutical Security Institute which is a â€Å"Not-for-profit corporation formed by the major drug companies to collate their fake drug information to cooperate in fighting the racket. Based in Vienna, Virginia, United States, the PSI holds the only known comprehensive and updated source of fake drug information† (Cockburn et al. 2005). He explains that, â€Å"It is necessary to keep fake drug information confidential for commercial reasons†¦to avoid media leaks and to prevent the possibility of rival drug companies taking unfair commercial advantage of a victim company† (Cockburn et al. 2005). The purpose of keeping the data a secret from the public is a matter of protecting the reputations of not only each company, but also each operational division within a company who are fighting to meet sales’ targets. When one pharmaceutical company is singled out as having theirShow MoreRelatedCyber Crimes And The Cyber Crime Epidemic1511 Words   |  7 PagesThere is an abundance of ways that hackers and the hidden dangers of the internet can pose threats to internet users. Cyber scams, the deep and dark web, and counterfeiting are just some of the cyber-crimes that exist in our day-to-day world. The effects of cyber-crimes can range from computer viruses, to monetary loss, and even identity theft. 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