Product Authentication – A Two-Fold Beneficial Approach To Protect Brand Owners and Consumers
The World Health Organization (WHO) has reported considerable recalls due to counterfeit, diverted, and expired drugs. Product Authentication and Verification can combat these issues, protecting patients and brands alike.
The World Health Organization, along with the International Chamber of Commerce has stated the impact of illicit trade is currently valued at $1.7 trillion and is expected to rise to $4.2 trillion by 2022.
Where serialization deployments are not possible, product verification and authentication can be put in place with a wide array of technologies.
Tamper-evident security seals, color-shifting inks, and holograms can empower consumers so they can potentially verify safety before purchasing a product.
Assigning a unique identifier, like a QR Code, to each product enables all its information to be scanned and verified from any smartphone, scanner, or brand owner authentication page. By working closely with solutions providers and regulatory experts, an integrated approach among all players, can tackle the challenges of illicit trade, diversion, and counterfeiting.
References
I. Global Authentication and Brand Protection Market to 2027: www.theinsightpartners.com
II. Protect Your Brand: Four Questions to Mitigate Risk in Retail Private Label Strategies: Gartner (2007)