Consuming counterfeit alcohol carries very real health and safety risks; however, almost one in five of UK residents have bought counterfeit alcohol. Officials have seized various bottles of counterfeit wine across the country, and customs officials in the UK have seized nearly 15m litres of fake alcohol since 2005.
The overall loss to the government due to counterfeit brands on the grey market in 2012 stands at Rs 16,546 crore in the Indian FMCG sector alone: Rs 4,646 crore in personal care, Rs 5,660 crore in packaged goods and Rs 6,240 crore in tobacco product. Government is to assess its impact, and to promote effective strategies.
Over the next two years, Eli Lilly will be strengthening its efforts against counterfeiting with a $110 million investment in a new serialization program for its drug packages. The new program, the company’s most expensive and complex one, will oversee the stamping of unique codes and serial numbers on every drug package the company ships around the world.
Counterfeit electronic parts entering the manufacturing supply chain costs the U.S. government and its contractors billions each year. Besides, consumer and industrial businesses are losing approximately $250 billion each year because of counterfeit components. It frequently creates the potential for product malfunction, leading to personal injury and even death.
Globally, luxury goods market is worth $320 billion, out of which 7% constitute fake which is worth around $22 billion. Moreover, 25% of these counterfeit luxury products are sold through online shopping websites. plenty of premium brands are victim of such widespread counterfeit selling online.