BRANDS UNDER THREAT- Some statistics   THE ANSWER
 
Loss arising from counterfeit products is shared by business, government, the economy and society as a whole. The Organisation for Economic Co-operation and Development indicated the share of counterfeit and pirated goods in world trade surpassing US$250 Billion in 2008-2009; Sadly, these are not limited to monetary losses, but include loss of jobs by the millions, good-will, repute, and in some cases, physical danger, loss of well-being and life itself.

The Counterfeiting Intelligence Bureau (CIB) of the International Chamber of Commerce (ICC), states counterfeit goods as making up 5 to 7% of World Trade. The Organisation for Economic Co-operation and Development indicated in 2008-2009 the share of counterfeit and pirated goods in world trade surpassing US$250 Billion; some current estimates for 2015 put the number at US$ 1.7 Trillion.

• India’s share in such loss has jumped from US$ 2 billion in 2006 to US$ 11.9 Billion in 2013; a jump of nearly 6.6 times in as many years

• China’s annual counterfeiting loss is currently estimated at US$ 60 Billion

• USA’s annual counterfeiting loss is currently estimated at US$ 225 Billion

• France’s annual counterfeiting loss is currently estimated at US$ 7.9 Billion

• Russia’s annual counterfeiting loss is currently estimated at US$ 20 Billion

• The growing importance of intellectual property (IP) in knowledge-based economies has generated concerns about the potential adverse effects of counterfeiting (large-scale creation of ‘fakes’) and piracy on governments, rights holders, manufacturers’ and consumers.

A single fact which is enough to sit up and ensure stringent brand security & anti counterfeit measure is that counterfeit/fake/spurious pharmaceuticals result in at least 700,000 deaths per year from fake TB and antimalarial drugs alone. Also counterfeiters thrive in emerging markets, where resources and regulations are sparse and the consumer has minimal recourse.

 

Onspot Solutions have successfully developed and obtained IP rights to provide customized, integrated, real-time (read instant) and user-friendly brand security & anti-counterfeit technology. The answer is simple; a patented mobile app, easily downloadable to IOS and android phones, that provides real-time verification of a product’s authenticity.

In English, Onspot ensures that customers have a simple, immediate, instant and foolproof method to check the authenticity of the products they are about to purchase. Onspot can be relied on, cannot be fooled and offers data and veracity almost instantly, before the purchase decision so as to prevent sale of counterfeit or fake products. As an aside, even manufacturers are able to track their Brand’s products from the factory through the entire retail chain, including transhipping, right up to the end consumer, providing information about the genuineness of any transaction to the two parties most intimately involved.