New smartphone app to detect fake products
London, July 07 : A smartphone app that can detect counterfeit goods – from medicines to car parts – with 100 per cent accuracy may be available to the consumers by next year, researchers say.
Every year, imports of counterfeited and pirated goods around the world cost nearly USD 0.5 trillion in lost revenue, researchers said.
Counterfeit medicines alone cost the industry over USD 200 billion every year. They are also dangerous to our health – around a third contain no active ingredients, resulting in a million deaths a year, they said.