Counterfeit Goods Are Everywhere. This Technology Sweeps Them From Supply Chains.

by Benjamin Kiunisala is Head of Customer Engagement

Supply chain counterfeiting is a universal problem that plagues almost every industry. There are counterfeit electronic components, car parts, consumer goods, pharmaceuticals — even counterfeit wines. While manufacturers and distributors lose billions of dollars annually to counterfeit goods, the risks to consumers can be even greater. Faulty counterfeit auto parts or consumer products can overheat or catch fire, and more than 1 million people each year lose their lives due to counterfeit drugs.

While manufacturers, distributors, shippers and government agencies are actively working to remove counterfeit goods from the supply chain, it’s challenging to identify counterfeits. Counterfeit goods cost global brands more than $232 billion in 2018. The counterfeit drug market alone costs more than $200 billion per year — enough to bring 13 new drugs to market annually. Losses from counterfeit automotive parts are estimated to be $2.2 billion per year, not counting those from safety issues and legal liability. Counterfeit consumer electronics cost more than $100 billion per year, and bogus computer chips cost U.S. companies $7.5 billion annually, as well as 11,000 jobs.

Read the full article in SupplyChainBrain

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