The nutraceutical industry has been a constant target of counterfeiters for decades, and it is one of the most serious and grave issues faced by the industry, as it not only damages a brand’s reputation and revenue but also directly impacts and affects the public health and well-being. Here’s why brand protection solutions for health supplements are important in nutraceutical industry.
The Rise of Substandard Health Supplements on The Internet
Falsified and substandard drugs on the internet are a major concern in the contemporary scenario, with counterfeit drugs posing a serious threat to health, customer trust and confidence, and the overall business profitability for pharmaceutical and nutraceutical companies across the globe. According to the World Health Organization, fake drugs and pharmaceutical products account for an astounding 10% of drugs available in middle and low-income countries. A report by the American Journal of Tropical Medicine and Hygiene, about 250,000 children are killed each year due to counterfeit medicines that often contain printer ink, paint, and arsenic. It is no secret that the growth of digitization and increased access to the internet has paved the way for the extensive circulation of substandard and counterfeit drugs that operate through different websites, social media channels, and applications. A study conducted by the European Alliance for Access to Safe Medicines even stated that approximately 62% of the drugs sold online are fake or substandard, and this alarming number has urged the nutraceutical industry to employ necessary brand protection solutions.
One of the main reasons why unassuming customers turn to these online stores is the attractive low prices and this makes regulation all the more difficult. Moreover, several nutraceutical and pharmaceutical products pass through complex and complicated globally dispersed distribution networks, which makes it very easy and convenient for counterfeiters to enter and compromise the authenticity of the supply chain. Another factor that makes counterfeit prevention hard in the nutraceutical industry is the use of advanced technology to make detection extremely difficult, and these advancements can be easily leveraged to match the product packaging of authentic companies almost instantly. Hence, the rise of substandard health supplements on the internet has created the need and the demand for effective and appropriate brand protection solutions for health supplements, which can help in improving the safety of patients and improving brands’ overall reputation in the market. LetsVeriFy’s advanced brand protection solutions for health supplements are emerging as one of the most effective ways to fight the infiltration of counterfeit and fake drugs in the nutraceutical and pharmaceutical industries, and employ some of the most advanced and efficient technologies and mechanisms to help brands preserve their overall authenticity and credibility.
Counterfeit Supplements: A Public Health Hazard
Counterfeit supplements are a big issue and affect different parts of the world in adverse ways. For example, according to a report by the World Health Organization, 30% of the nutraceuticals and pharmaceuticals sold in Asia, Africa, and Latin America are counterfeit. Counterfeit supplements not only cost companies and brands in the industry billions of dollars in revenue each year, but also make vulnerable patients sick, prevent them from recovering from their illnesses, and can even kill them. This number is rising at an alarming rate, and fake and counterfeit health supplements are not just illegal, but are silent killers and pose a major threat to public health. They have also been linked to increased resistance to antibiotics, which is one of the biggest challenges facing global healthcare. Hence, there is undoubtedly a dire need to employ relevant and effective brand protection solutions for health supplements, and companies like LetsVeriFy are at the forefront of providing some of the most advanced and efficient solutions to help organizations in the industry safeguard the interests and overall health of their consumers, while also ensuring that their brand and brand reputation are not affected by this ongoing crisis.
The Importance of Brand Protection Solutions For The Nutraceutical Industry
Modern supply chains provide more than enough opportunities to counterfeiters to help them infiltrate with fake and counterfeit health supplements. This becomes even more concerning when the original manufacturer is unaware of such infiltration, and hence, is not able to take effective measures to control it in a timely manner. Counterfeits are a pervasive problem and keeping them out of the market is hard, which is why brand protection solutions for health supplements, such as the solutions provided by LetsVeriFy, are emerging as means for brands to fight this extensive and dangerous infiltration and reduce the number of counterfeit supplements in the supply chain.
Brand protection solutions for health supplements in the nutraceutical industry are crucial not only for protecting a brand’s reputation and profits but also for ensuring customer well-being and satisfaction in the long run. Hence, opting for authentication partners such as LetsVeriFy can help brands customize these solutions according to their needs and requirements to counter the unique and specific challenges in the nutraceutical industry.
The Advantages of Brand Protection Solutions by LetsVeriFy
LetsVeriFy provides organizations in the nutraceutical industry with some of the most effective and advanced brand protection solutions for health supplements, that use sophisticated tracking and tracing mechanisms for efficient resolutions: These include:
- Extensive experience and knowledge
LetsVeriFy is equipped with a qualified team of experts that specialize in the nutraceutical industry to provide relevant insights and effective solutions for industry-specific challenges. Through the articulation of problems in the supply chain, root-cause analysis, and a data-driven approach, LetsVeriFy’s brand protection solutions for health supplements leverage expert knowledge and a proactive approach to manage the supply chain effectively.
- Use of smart labels with unclonable technology
One of the biggest advantages of opting for LetsVeriFy’s brand protection solutions for health supplements is undoubtedly the use of smart labels that come with unclonable technology. The use of the patented 3D technology offers complete protection from counterfeiting and enables accurate tracking and tracing through multi-time verification. Moreover, this unclonable label technology is accessible to consumers, field staff, mystery auditors, and other stakeholders.
- Instant generation of reports
LetsVeriFy’s brand protection solutions for health supplements are designed to eliminate fake and counterfeit products in the supply chain by tracking suspicious activities and reporting them instantaneously. The automatic generation and detection of field anomalies are reported to the manufacturer in a timely manner to instigate effective countermeasures. Moreover, LetsVeriFy’s brand protection solutions for health supplements also enable crowd-sourced reporting of fake products and duplicate drugs by the users to empower them and help in winning the battle against harmful counterfeit drugs in the market.