It's no secret that counterfeiting is big business. In fact, the value of counterfeiting is estimated by the Organization for Economic Co-operation and Development (OECD) to be in the region of $250 billion per year, while the World Customs Organization has identified counterfeit products destined for 140 countries. Every year, the counterfeiting of plastics costs consumers and businesses millions of dollars worldwide. However, the losses are more than just financial. In spite of the diligent work done by government agencies and industry watchdogs, the lure of profits netted from the production and sale of forged products keeps the plastics counterfeiting supply chain alive — and thriving.
The dangers are real, and they affect consumer trust, safety, and health, especially in the medical and pharmaceutical industries. When counterfeit plastic materials, such as an improper or unsuitable resin, are used, product contamination may occur, which can cause serious harm and even death.
Even when lives are not at stake, brands and market shares are, which is why anti-counterfeiting measures are so crucial in the manufacturing of plastics. Consider the potential loss of brand value and price differentiation, as well as loss of sales revenue due to use of counterfeited items. Additionally, the proliferation of bogus plastic products, and their inevitable failure, increases the liability and related impact. This also contributes to higher regulatory fines from government authorities.
What's Your Company's Risk?
The level of risk from counterfeit plastics varies by company, so a smart step for a concerned business is to evaluate and measure its counterfeit risk exposure. Many companies do this by gauging and quantifying their lost market share. This evidence often results in a solid business case for turning to anti-counterfeiting measures to preserve and protect the company's brand and reputation.
Mitigate Risk With MiBatch®
Plastics Color Corporation offers the industry valuable preventative measures via its highly effective anti-counterfeiting tool, MiBatch®. MiBatch® is a proactive anti-counterfeiting measure that enables manufacturers and retailers to protect their brand identity and ensure supply chain integrity. MiBatch® contains taggants, which are considered one of the most successful ways to fight counterfeiting, track materials, monitor product integrity, manage the supply chain, and minimize security risks.
Once added, these taggants are easy to authenticate, but difficult for criminals to detect and replicate. They also function well under most environmental conditions without affecting product performance, and allow a company's personal chemical “signature” to be consistently produced, in any quantity or at any volume.
The Value Of MiBatch®
In terms of technology, MiBatch® enables businesses to maintain the authenticity of their products, gather and utilize intelligence to make informed business decisions, take control of their supply chain, and initiate product seizures and recalls as needed. Anti- counterfeiting measures such as MiBatch® allow companies to perform necessary due diligence and provide corporate governance and compliance.
Trust An Industry-Leading Technology Partner
Thanks to a successful track record built on longstanding service to substantial clients, Plastics Color is known as a technological innovator for producing anti-counterfeiting products. Their ability to tailor exclusive taggants for companies, their strong technical competency, application knowledge, and their manufacturing processes and application development all instill confidence in clients.
For markets including medical, pharma/nutra, and consumer products/consumer packaging, MiBatch® offers an anti-counterfeiting solution to protect and preserve your brand, your market share, and your customer base. It is also highly useful in legal claims, to help demonstrate that a counterfeit product does not meet specified standards, thus exposing fraudulent and defective products. This makes it applicable for luxury markets that produce high-end consumer products, medical devices, automotive, and drug packaging. MiBatch® is also ideal for manufacturers and end-users in high volume, lower cost markets such as low voltage cable, DVDs, apparel, and toys.
The bottom line? When product safety and efficacy cannot be comprised, choose MiBatch® product authentication systems from Plastics Color.