Counterfeiters take more than products

Senator Patrick Leahy (D-Vt.), Chairman of the Senate Judiciary Committee, presided over a hearing on protecting intellectual property. He said that the counterfeiting of products has reached a record high in recent years. He said that this theft has cost the American economy almost $200 billion and the loss of 750,000 jobs per year. He said that if the U.S. wants to maintain the position of an economic leader, then it must protect the intellectual property rights of U.S. industry.

Mike Rose, Vice President of Supply Chain Technology for Johnson & Johnson said that according to the World Health Organization 8 to 10 percent of pharmaceutical products outside the U.S. are counterfeit and in some countries over 50 percent of their medications are counterfeit. He said that counterfeiting of pharmaceuticals has become such an epidemic that in 2007 the Pharmaceutical Security Institute seized 24 percent more “bogus drugs” than in the previous year.

Senator Orrin Hatch (R-Utah) said that the U.S. should take the lead in enforcing global piracy. He said that it counterfeiting is not just pirated music or fake designer handbags, it has infiltrated many U.S. industries such as auto parts and electrical accessories. He said that these cheaply made counterfeited products can pose a great danger to American citizens and stopping their production should be a priority.