Counterfeit drug revenues were estimated to be in the region of $75 Billion in 2010 and are projected to grow at 13% annually. The World Health Organization stated that it is impossible to quantify the size of the problem but that it may be as much as 10% of the global market.
The scope of the problem in the U.S. is small compared to what other countries like Nigeria and the Ukraine experience, but is the U.S. doing enough to keep out counterfeit drugs? Do you think the current laws we have in place are working?
Just last month U.S. Congressmen re-introduced the bill HR 3026-Safeguarding America’s Pharmaceuticals Act. This bill provides a way for authorities to track, seize and destroy counterfeit drugs before they enter U.S. households. This bill contains several important requirements such as:
• Creating a uniform national pedigree system
• Developing a tracking system, using bar codes and radio frequency tags to enable drugs to be followed
• Authorizing the FDA to destroy seized counterfeit drugs
Are you surprised that a bill like this is NOT already in effect in the U.S? Do you think this bill will pass?
