About Anti-counterfeit Packaging in Pharmaceutical Industry
Anti-counterfeit packaging is a process carried out to secure the packaging of products to reduce infringement. The demand for anti-counterfeit packaging in the pharmaceutical industry is increasing. With a growing initiative by technology vendors in the market, the pharmaceutical companies have an opportunity to fight against counterfeit issues. For instance, in 2016, Applied DNA Sciences, a security and authentication solutions provider, introduced SigNature DNA Molecular taggant for the pharmaceutical supply chain.
Technavio’s analysts forecast the global anti-counterfeit packaging market in pharmaceutical industry to grow at a CAGR of 21.36% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global anti-counterfeit packaging market in pharmaceutical industry for 2017-2021. To calculate the market size, the report considers the revenue generated by different vendors through the sales of various technologies that include covert technologies and overt technologies.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Anti-counterfeit Packaging Market in Pharmaceutical Industry 2017-2021
Technavio recognizes the following companies as the key players in the global anti-counterfeit packaging market in pharmaceutical industry: 3M, Avery Dennison, CCL Industries, and DuPont.
Other Prominent Vendors in the market are: Aesica, Applied DNA Sciences, ATL (Ad Tape & Label), Atlantic Zeiser, Authentix, and Essentra.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing initiatives by pharmaceutical companies. The global anti counterfeit packaging in the pharmaceutical industry is growing because of increasing initiatives by the pharmaceutical companies. Many global pharmaceutical companies are collaborating with several associations and launching safety initiatives for the safe use of drugs.”
According to the report, one driver in the market is rising online purchase of medicines. With a growing trend of online shopping globally, people tend to purchase medicines online as well. However, it is found that, in 2016, more than 55% of the medicines purchased online globally were either of poor quality or fake. Moreover, it is found that most of the online pharmacy websites do not entail any valid prescription for selling medicines. Thus, initiatives are taken to fight against counterfeiting over the Internet. The Alliance for Safe Online Pharmacies (ASOP Global) is helping consumers to protect them from illegal online drug sellers by providing access to legitimate online pharmacies.
Further, the report states that one challenge in the market is rising price of prescription-based drugs. A prescription-based drug requires a legal medical prescription from a licensed pharmacist. If a consumer faces uncertainty during the consumption of such drugs, its information such as its packaging, color, size, shape, and taste can be obtained from the pharmacist. However, the rise in the prices of such drugs is posing a challenge for the global anti counterfeit packaging in the pharmaceutical industry. This is primarily because the counterfeit drugs are less expensive, and with a rising price of prescription-based drugs, consumers tend to purchase inexpensive drugs from any pharmacist who may not be licensed.
3M, Avery Dennison, CCL Industries, DuPont, Aesica, Applied DNA Sciences, ATL (Ad Tape & Label), Atlantic Zeiser, Authentix, and Essentra.