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8 Wake Forest Intell. Prop. L.J. 387 (2007-2008)
Counterfeit Drugs: A Global Consumer Perspective

handle is hein.journals/wakfinp8 and id is 393 raw text is: WAKE FOREST INTELLECTUAL PROPERTY LAW JOURNAL VOLUME 8 2007- 2008 NUMBER 3 COUNTERFEIT DRUGS: A GLOBAL CONSUMER PERSPECTIVE Robert C. Birdt I. INTRODUCTION The proliferation of counterfeit medicines is one of the most pressing issues facing the pharmaceutical industry.1 The sale of fake drugs accounts for an estimated $512 billion in global sales each year, 2 constituting 5% to 7% of total international trade. According to one source, manufacturing of fake medicines will grow by an average of 13% annually through 2010.3 Sales at that point will generate $75 billion in revenue and represent 15% of the size of the legitimate industry.4 Consequently, sales of counterfeit drugs deny revenue to legitimate manufacturers who must recoup the expensive research and cost of developing new medicines. Company profits are not the only casualty. There are numerous reports of injuries and deaths arising from the ingestion of fake medicines. According to the World Health Organization, counterfeits purportedly treating AIDS, bacterial infections, cancer, fungal infections, high cholesterol, tuberculosis and a host of other * Assistant Professor, School of Business, Department of Marketing and Law, University of Connecticut. I would like to thank Subhash Jain and the Center for International Business Education and Research (CIBER) for generous support. A version of this article was presented at the 2008 Intellectual Property Scholars Roundtable held at Drake University Law School. I appreciate comments from Peter Yu, Dan Cahoy, Pramod Mahajan, and Michael Carroll. All errors and omissions are my own. 1 Amy M. Bunker, Deadly Dose: Counterfeit Pharmaceuticals, Intellectual Property and Human Health, 89 J. PAT. & TRADEMARK OFF. SoCy 493, 494 (2007). 2 Maria Nelson, Michelle Vizurraga & David Chang, Counterfeit Pharmaceuticals: A Worldwide Problem, 96 TRADEMARK REP. 1068, 1068 (2006). 3Id. 4id.