It is no secret that many industries are becoming flooded with counterfeit products. From the luxury products market, to pharmaceuticals, automobile, aerospace and even tax stamps, counterfeit products are everywhere.
The damage that counterfeit products can cause is also well documented. They hurt a brand reputation and therefore their revenue, by producing poor quality versions of the same products. Many unsuspecting customers have parted with hard-earned cash to be left with a poor-quality, counterfeit product. Aside from damage they can do to a brand, they can also cause physical harm to the consumer.
In the cosmetics industry, counterfeiters are known to substitute safe, approved ingredients for cheaper versions in order to improve their profit margins. In addition, these cosmetics are made in unsanitary products where animal waste can easily make it into the products made there. Pharmaceutical and medical devices companies constantly battle the severe health risks that counterfeit medicines and devices pose to patients. These medicines will fail to treat the health issue at hand, and more dangerously can cause additional harm, leading the patient to lose faith in healthcare providers, the medicines and the wider health care system (World Health Organisation).