Europe : New EUIPO report: counterfeiting costs European businesses nearly €60 billion

EuropeA recent EU Intellectual Property Office’s (EUIPO – the agency which manages trade marks in the EU) report has revealed that counterfeiting costs European businesses €56 billion every year. In total, 11 key European economy sectors are penalized and France alone loses almost €6.8 billion to the fake medicine industry. The medicines market is one of the top three sectors most affected by counterfeiting which reports estimated losses of €9,577 million in Europe. The EUIPO believes that fraudsters have massively benefited from rapidly developing e-commerce.

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