Medical Counterfeit around The World:
Counterfeit drugs are a nuisance in almost all parts of the world. More than 3 lakh people lose their lives due to this menace created on an annual basis. If not fatal they create harmful effects on the patients in the form of side effects and more.
Although the problem of counterfeit medicines is prevalent in all parts of the world, the problem is more prominent and deeply rooted in developing nations. On average almost 25%-30% of all the drugs that are sold in developing nations are found counterfeit whereas when a similar survey was done in a developed nation, only about 10% of the drugs circulating in the developed nations were found counterfeited.
Medicine Counterfeit Prevalent in INDIAN Market:
The Indian Pharmaceutical industry is the fourth largest pharmaceutical market in the world and is also the largest exporter of pharmaceutical drugs worldwide. It is also the second most important economic sector for the country’s economy after the ever-growing Information Technology sector. The market is gigantic with medicines and drugs worth billions of US Dollars on an annual basis.
American research has concluded that apart from being the largest exporter of pharmaceutical products, India also holds the monopoly in the field of counterfeit drugs. Over 75% of all the counterfeit drugs that are circulated in the world have Indian origin. On an estimate Indian companies trade in $200 billion on an annual basis by selling counterfeit medicines, China being the distant second largest, covering almost 10% share of the market.
For a healthcare system to function properly, the principles of a meticulous and reliable healthcare system should be laid. Attention-oriented and compassionate service from the service providers and last but not the least accountability of the healthcare system. The prominence of counterfeit medicines is due to the absence of any accountable authority. Nobody to questions and no answers for the solution. Accountability of the healthcare is necessary, the services provided by the healthcare system to their patients are crucial and sometimes life depending, a minor mistake leads to major consequences. Thus, the system should be answerable for all it’s doing to justify and somewhat reduce the malpractices prevailing in it.
The Root Cause of Counterfeit in The Markets:
Most of the time the researchers look for the root cause of this counterfeit problem to reach a conclusion that could help eradicate it. A lot of factors were then enlisted as some major factors that have led to a significant rise of this practice in the market. Some of the were:
- FAST-GROWING PHARMA INDUSTRIALISATION– Due to the increasing growth rate in this sector, there now exist a lot of small and medium-sized enterprises in the pharmaceutical sector. The sector on the other hand requires a lot of investment which in the case of these medium-sized enterprises is not very well possible. This leads them towards counterfeit. Instead of creating their brands and medicines, they tend to counterfeit big brands to earn fast profits.
- OVER THE COUNTER MEDICINES– As compared to the developed nations, developing nations have relatively lower standards of medicine regulations. Pharmacies hand over medicines without any valid prescription. The absence of a valid prescription makes it difficult to gauge their harmful effects and spurious nature.
- PROFIT– counterfeiting medicines is a very profitable business. Reductions in the branding budgets and substandard materials result in low cost of manufacturing. Replication of big brands leads to high market selling prices hence the net profit is high.
A solution strong enough to tackle this major issue is what is the need of this hour. A solution in the form of medSure.
medSure, a blockchain-based anti-counterfeiting, anti-hoarding solution designed to combat counterfeit and make the healthcare system more credible and reliable. medSure provides the facility of tracking the supply chain in real-time allows the manufacturer to have unprecedented control over his product’s supply chain, this reduces the risk of product shifting and mixings during the transit by flagging every disturbance caused in any form to the manufacture in real-time.
The real-time supply chain tracking also allows the manufacturer to have control and prior knowledge about the sales and distribution of his products. This in turn prevents any shortage of API and enhances the efficiency of management of drug distribution in the market,
medSure works on highly secured and advanced Blockchain Technology and operates on innovative Non-Fungible Tokens which makes it almost impossible to hack or tamper with. This level of security is what medSure provides to its consumers.
From the user end, medSure provides a simple scan and check feature, where the consumer can scan a unique QR code that has been assigned to the product and check its authenticity by simply checking the sign on his mobile screen- a green tick or a red cross.
The goal is to combat counterfeit and remove its existence from its roots.
And medSure is all set to build a trustworthy pharmaceutical infrastructure for the world.