Counterfeit drugs comprise an increasing percentage of the US drug market and even a larger percentage in less developed countries.
The Harmful Effects of Counterfeit Goods Arlee Sowder Abstract The business of counterfeit goods is one of the largest underground industries in the world and growing rapidly. The impact on the global economy is in the billions of dollars.
This article examines the reasons why counterfeiting has become such a lucrative business, the negative and harmful effects counterfeit goods have on industries and consumers, as well as the difficulties encountered in apprehending and prosecuting offenders.
The role of the consumer is explored as a key factor in curtailing the activities of counterfeiters. Introduction From fake handbags to mock medicines, the business of counterfeit goods is one of the largest underground industries in the world and it is rapidly growing.
With cheap overhead, high profits, and cloak-and-dagger business style, these global black market industries are here to stay. A counterfeit good is a product that closely resembles another product in order to trick customers into buying.
Officials and authorities struggle to control the activities of the criminal organizations that are producing and marketing counterfeit goods. Stopping these enterprises seems doubtful because of the increasingly aggressive behaviors of fraudulent distributors.
The best way to stop the manufacturing of imitated products is to inform consumers of the potential harm these products pose to the United States and its economy. If people refuse to purchase knock-off products, these rogue industries will suffer economically and ultimately disappear.
Harmful Effects American views of counterfeit goods are often unrealistic and far from the truth.
When American consumers think of counterfeit goods, fake handbags and mock paintings come to mind. Unfortunately, many citizens do not realize the harmful effects that counterfeit products have on American businesses.
On a broader scale, counterfeit goods account for more than half a trillion dollars each year Levin, The lucrative market of counterfeiting has greatly impacted the electronics industry. As counterfeiters continue to produce fraudulent electronic components, the reputable electronic companies are faced with threatening statistics and slumping sales due to these knockoff parts.
These imitated components are making their way into American distribution supply chains, like Apple and Target. Even the most reputable retailers are troubled by the uncertainty of whether or not their stock or parts are counterfeit Sangani, Americans are often too concerned with paying the cheapest price for their electronics, when they should be focused on the harmful effects that these cheaply made counterfeits could have on their well being.
Faulty batteries or poorly designed transformers are explosive under certain conditions Sangani, Not only are these counterfeit goods harmful to American people, but they greatly impact American businesses as well. The rise of counterfeit products can potentially cause businesses to experience an increase in costs, as well as loss of productivity.
Impact on Employment In addition to lost revenues and negative reputations, counterfeiting immeasurably impacts the employment rates in the United States and in many other countries around the world. According to research analysts, approximately 2.Magnitude and effects of counterfeiting and piracy necessitate strong action Analysis carried out in this report indicates that international trade in counterfeit and pirated products could have been up to USD billion in It has the largest and strongest economy in the world, because United States has GDP per capita $49, (The World Factbook).
The USA is an engine of world economy, the reason of changing and permutation of economic situation.
(1) examined existing research on the effects of counterfeiting and piracy on consumers, industries, government, and the U.S. economy; and (2) identified insights gained from efforts to quantify the effects of counterfeiting and piracy on the U.S.
economy. and impacts of counterfeiting and piracy delineated, but not quantified, in their analysis. We estimated wider economic costs associated with the effects of counterfeiting and The economic impacts of counterfeiting and piracy.
frontier economics. The issue of counterfeit drugs has been growing in importance in the United States, with the supply of these counterfeit drugs coming from all over the world.
Innovation is important to economic growth and US competitiveness in the global marketplace, and intellectual property protections provide the ability for society to prosper from innovation.
The Health and Economic Effects of Counterfeit Drugs. June To review the health and economic consequences of counterfeit drugs on the that are not approved by the FDA or do not contain FDA-approved labeling are considered to be illegal for sale in the United States.
Magnitude and effects of counterfeiting and piracy necessitate strong action Analysis carried out in this report indicates that international trade in counterfeit and pirated products could have been up to USD billion in Managerial Economics ORG The Aging Population in the United States and its Effect on our Economy July 20, Aging Population 1 The population in the United States is aging at an unprecedented pace. For the United States, the alleged North Korean counterfeiting represents a direct attack on a protected U.S. national asset and may provide a rationale to impose financial sanctions on the DPRK.
Counterfeit cancer drugs first appeared in the United States in.