Lakhasly

A counterfeit is something that is forged, copied with the purpose of deceiving or defrauding To most people, counterfeiting means essentially forged currency.According to statistics released by The World Trade Organisation, up to 7% of medicines worldwide may be counterfeits - with too few active ingredients, too many contaminants, fake labels or recycled packaging that covers up expiry dates.A study conducted in 2000 by the Centre for Economics and Business Research estimates that the EU has lost 17,120 Jobs as a result of the counterfeiting of clothing, cosmetics, toys, sports equipment and medicines.As counterfeiters rarely pay duties or taxes, UE governments have also lost a lot of revenue.These products are imitated to sucin perfection that it is difficult to distinguish between the genuine and the fake products.Last year, the police raided three aviation parts manufacturers in Rome, seizing more than $2 million worth of used parts- modified and repackaged to look as good as new.(?3) However some consumers, both in the developed and the developing countries, are relatively unconcerned about counterfeiting.(?1)

Counterfeiting has become a global phenomenon.

A counterfeit is something that is forged, copied with the purpose of deceiving or defrauding To most people, counterfeiting means essentially forged currency. But in reality, products of all sort medicines, mobile phones, food and drink, and even car parts are b copied everyday by counterfeiters. These products are imitated to sucin perfection that it is difficult to distinguish between the genuine and the fake products. (§1)

Counterfeiting has become a global phenomenon. According to statistics released by The World Trade Organisation, up to 7% of medicines worldwide may be counterfeits – with too few active ingredients, too many contaminants, fake labels or recycled packaging that covers up expiry dates. A recent study shows that 10% of car parts sold in the European Union are fakes. Last year, the police raided three aviation parts manufacturers in Rome, seizing more than $2 million worth of used parts- modified and repackaged to look as good as new. (§2)

Counterfeiting is not without consequences. A study conducted in 2000 by the Centre for Economics and Business Research estimates that the EU has lost 17,120 Jobs as a result of the counterfeiting of clothing, cosmetics, toys, sports equipment and medicines. As counterfeiters rarely pay duties or taxes, UE governments have also lost a lot of revenue. This loss amounts to 7.4 billion dollars a year. As far as companies are concerned, the loss in profitability is so big that most of them have launched advertisement campaigns against counterfeiting. (§3)
However some consumers, both in the developed and the developing countries, are relatively unconcerned about counterfeiting. Since brands are too expensive, many of these consumers are obliged to buy counterfeits to satisfy their needs. These consumers know well that they mustn’t buy imitations because they are just like stolen property. Are also aware that they must refrain from buying them because of 5 lower quality and lack of safety standards. And yet consumers, especially those with low incomes, feel that they have to purchase them, for, as the good old proverb goes, ‘necessity knows no law’. In conclusion, companies had better think of reducing the prices of their brands instead of spending huge amounts of money on advertising against counterfeiting.