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Thursday, 25.04.2024, 14:52
EU pharmaceutical industry loses EUR 10.2 bln a year because of counterfeit drugs
BC, Riga, 30.09.2016.
Print version
Print versionThe European Union's pharmaceutical industry loses EUR 10.2 bln annually because of counterfeit drugs, according to estimates by the European Union Intellectual Property Office (EUIPO) writes LETA.
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Loss of sales came to about 4.4% of EU-wide totals. EUIPO experts concluded that Germany loses about EUR 1 bln or 2.9% of total revenue. Latvia, on the other hand, loses EUR 10 mln a year - which equals 8.7%.
Sales of illicit drugs also had an impact on the job market, as legal manufacturers and distributors ended up employing far fewer people as a result. EU experts estimate that 37,700 jobs have been lost directly as a result of the counterfeiting racket and a further 53,200 have been lost in other sectors indirectly.
EU authorities have also estimated that government revenues have also been hard hit, fake drugs have cost EUR 1.7 bln per year.
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