Counterfeit medicine is a major issue all around the world. It is estimated that a significant portion of a pharmaceutical products is counterfeit, and this figure is increasing yearly. Counterfeit drugs endanger the reputation and revenue of legitimate pharmaceutical firms as well as the public's health and safety.
Despite being one of the most regulated industries in the world, the prevalence of counterfeit drugs is a sad reality in the emerging markets of the pharmaceutical industry. According to a report by the Authentication Solution Provider’s Association (ASPA), the number of counterfeit incidents in India increased by an average of 20% on a year-to-year growth between 2018 to 2020 and 17% between 2019 to 2020. Furthermore, a study by the European Union Agency for Law Enforcement Cooperation (Europol) noted some changes in the origin of the counterfeits seized in 2020.
The impact of Brexit is evident in almost every industry based in the European Union (EU) and the United Kingdom (UK). Pharmaceutical industry too not to be spared. Although the UK is in negotiations with the EU to streamline the transitions, the European Medicines Agency (EMA) has requested the pharmaceutical marketing authorization holders (MAHs) to stay prepared in advance to ensure continued supply of medicines.