The report, Consumer Product Fraud: Deterrence and Detection, suggests that a shared library of ingredient data could reduce analytical costs and increase quality.
GMA and A.T. Kearny estimate the economic adulteration and counterfeiting of global food and consumer products is expected to cost their specific industry $10 to $15 billion a year.
Sales of counterfeit drugs world wide are estimated by the World Health Organization at reaching $75 billion in 2010.
According to the study, "the cost of one adulteration incident costs a company between 2% to 15% of its annual revenues depending upon the size of the company. This translates to $400 million to a $10 billion dollar company and $60 million to a smaller $500 million dollar a year company."
Secure Pharma Chain Blog highly recommends that all members of the supply chain, manufacturers, distributors and dispensers read this report as an introduction into crafting tactics and policy towards dealing with fraudulent, adulterated and counterfeit products.
To read the report, visit: http://www.gmaonline.org/publications/consumerproductfraud.pdf.
To learn more about technologies and solutions that can effectively protect consumer product supply chains, visit: http://www.xstreamsystems.net/.