The Intellectual Property Commission estimates that IP infringements in the form of counterfeit goods, trade secret theft, and pirated software costs the US economy $225 billion to $600 billion.
Following the outbreak of the COVID-19 pandemic in late 2019 and its subsequent spread around the world, counterfeiters have turned their attention to producing fake testing kits, counterfeit personal protection equipment and, even before the authorities have approved treatments, fake medicines purporting to cure the disease, according to the 2020 status report by the European Union Intellectual Property Office (EUIPO) and the Organisation for Economic Co-operation and Development (OECD).
The joint report on counterfeit medicines showed that not only ‘lifestyle’ medicines but also medicines to treat serious diseases, including antibiotics, cancer therapies or heart disease medications, are subject to being counterfeited, with potentially deadly consequences for the patients who consume those medicines.
This report underlines the importance of IP rights to the EU economy and, therefore, to any recovery from the Covid-19 crisis, which has dominated the first half of 2020 and threatens to have long-lasting effects. It brings together the findings of the research carried out in recent years by the EUIPO, through the European Observatory on the infringement of Intellectual Property Rights, on the extent, scope and economic consequences of Intellectual Property Right (IPR) infringement in the EU.
The Status Report also contains research on the volume of counterfeit and pirated goods in international trade and the economic contribution of intellectual property-rights intensive industries to economic growth and jobs.
How the CRI® Group can help you tackle IP infringement
CRI® Group’s Intellectual Property Investigations team helps companies identify threats to IP and confidential information internally and throughout their supply chain, develop the appropriate mitigation strategies and investigate suspected infringements.
For further information on IPR infringement or to book a meeting with our experts, click here.
Meet our IPR Infringement Investigation Manager
Mahamad Thouhid – e: email@example.com – is an experienced Investigations Specialist with a demonstrated history of working in the investigations and intelligence industry. Skilled in investigative planning and reporting, delivering innovative IP/Brand protection (Anti Counterfeit, Products tampering, Anti diversion and Infringement), OSINT, law enforcement, liaison with Govt. Authorities, operations management, due diligence, etc.