New Regulation to Curb Drug Counterfeiting in India

India’s pharmaceutical market is reported to be the world’s third largest in terms of volume, but the thirteenth largest in value. This can be attributed to its low manufacturing costs and the availability of a skilled workforce. India currently supplies over 50 percent of global demand for various vaccines, pharmaceutical export from India was estimated to be US$ 17.27 billion in 2017-18 and is expected to grow by 30 percent to reach US$ 20 billion by the year 2020. The pharmaceutical industry in India, being one of the largest in the world attracts not just investors but also counterfeiters.

The counterfeit drugs may be of poor quality, unsafe or ineffective; threatening the health of those that take them. Counterfeit medicines pose a significant public health risk; they can lead to treatment failure, organ dysfunction, and damage, worsening chronic disease condition and can cause early death. The intake of fake drugs has an adverse effect on the immune system as well, and this affects the recovery of a patient from the disease process. A high prevalence of counterfeit drugs has a significant impact on the health and well-being of Indians and the global community at large.

According to recent reports, India loses an estimated $7.8 in revenue annually to counterfeit trade while companies lose over 10% percent in revenue due to counterfeit products (Ahmedabad, 2018). A similar publication reports that fake drugs form 20% of the 40,000 crore Pharma market in India. The new initiative by the Drugs Controller General of India (DCGI) addresses the need to provide consumers with high quality and authentic pharmaceutical products. This initiative will enable consumers to check the authenticity of the drug they desire to purchase to verify if the drugs are indeed genuine. Consumers will be empowered to protect themselves against counterfeiters while brands will have the needed tools to protect their brand reputation.

How Does Sproxil Create Value

Sproxil partners directly with legitimate manufacturers and distributors to apply a special security label with a scratch-off panel to each product unit they manufacture, this Enable consumers at the point of purchase, verify the authenticity of the product. Sproxil empowers consumers by providing them with a sense of security and trust when making purchase decisions about a product. Hence, consumers can avoid wasting time, money and risking their wellbeing on substandard fakes.

How it Works

At the point of purchase, consumers will find the security label with scratch off the panel to reveal a unique, single-use code, which they then send via SMS to us. Our cloud-based technology processes the code and returns a response confirming that the product is genuine or warning that it is suspicious. Consumers can also access the service through various channels a mobile app (available on iOS, Android, and Blackberry), web app (http://Sproxil.com/verify), or by calling the company’s local 24/7 Call Centre (which supports major local languages).

Sproxil enables consumers to take an active role in the fight against counterfeit products by providing information to brand owners that can help them identify areas where counterfeiting or product theft may be present. Sproxil creates a channel for consumers and brands to communicate. Finally, consumers can have a way to provide feedback to brands so that brands can deliver better services and products back to loyal customers.

With the client’s consent, Sproxil can provide the government with information that could help them track down the counterfeiters and thieves. The government can save time and resources tracking down criminal activity using consumer-sourced leads. Sproxil and its clients can assist the government with public awareness campaigns and consumer education efforts. By using Sproxil, all stakeholders profit!!!

Let’s help you protect your brand and consumers from counterfeits. Click here to contact us.

Building Trust and Transparency

Since inception, Sproxil’s goal has been about building trust and transparency through the provision of innovative technology solutions to empower consumers, manufacturers and other business stakeholders against fraudulent trade activities. We launched in Nigeria in 2009 and since then we have expanded our operations into other countries across Africa, Asia, Europe and North America.

With these expansions come a new vision and even more responsibilities which we are adequately prepared to handle, and in line with this, we have updated our vision and mission statements to capture our wider vision for the global business community.

Read our updated statements here.

Mobile Authentication Technology Offers New Hope for Consumers’ Health & Well-being

Counterfeiting is a global problem affecting consumers, brands and the governments. Brands lose billions of dollars in revenue yearly to counterfeiting activities, the same goes for the government who lose tax revenue to this activity and thousands of consumers die yearly from consumption of counterfeit products. Almost everything gets counterfeited, from drugs to food, baby formula, automobile parts, luxury items, etc. making it a growing concern for the global community.

Mobile Authentication Solution (MAS) is a disruptive technology that is changing the game. Key players in product authentication like Sproxil have provided this technology for consumers, brands and other stakeholders to help mitigate counterfeiting. Sproxil, the pioneer of the anti-counterfeiting technology in Nigeria, has made this technology easily accessible to consumers and brands across the globe. Consumers can access this technology on their mobile phones as codes for verification can be sent via SMS, mobile apps, the web, etc. Mobile authentication technology provides immediate responses to consumer verification requests.

This has brought about a new hope to the global community. Consumers can now get good quality products without fear of being tricked into purchasing products of inferior quality that may lead to disastrous outcomes. They can check to verify if the product is authentic at the point of sale, while brands can deploy this technology to check counterfeiting activities related to their products. With over 75 million consumer verifications recorded on Sproxil’s platform, the impact of this technology has been prominent in continents like Africa and Asia.
Sproxil has partnered with multiple brands to protect consumers and to ensure that the affected companies recover their lost market share from counterfeiters and regain consumers’ trust.

We are firmly committed to providing innovative brand protection solutions for brands and consumers across the globe.

Genuine Product Assurance

Counterfeit Free World

As we mark World Anti-Counterfeiting Day (WACD), take a moment to imagine a counterfeit free world; a system that is free of fraudulent trade activities. This would essentially mean that you, the brand owner and your consumers get value for money spent on products. In your case as a manufacturer, you gain steady increase in sales, revenue, consumers trust and loyalty. On the part of the consumers, they get their money’s worth, sound health and they can freely trust and be loyal to their preferred brands.

Sadly, this is not the reality of economies of the world today. Counterfeiting remains a global threat to nations, posing health risk to consumers and revenue loss for brands. This issue affects both the developing nations and the developed nations of the world; however it is much more predominant in the developing nations. Substandard or fake products have led to multiple fatalities and deaths even, with consumers being unaware of the originality of the products they intend to purchase and unknowingly consuming these products. The global counterfeiting market is said to be valued at $534 billion and keeps growing annualy.

Sproxil, as an organization is on a mission to make counterfeiting unprofitable and also enable genuine brand owners regain their market share as well as safeguard consumers from counterfeiters. At the core of our business are innovation, social impact, sustainable growth and collaborative competencies. We are well aware that the fight against counterfeiting should be a collaborative one hence, our commitment to partner with brand owners, stakeholders and the government to ensure put an end to this global threat.

To read about our award winning suite of solutions and their benefits to your business, click here and here to contact us.