The Real Economic Risks Posed By Fakes

Over the last few weeks, we’ve been highlighting how consumers are easily deceived into purchasing counterfeits that could potentially harm their health. From imposter medicines to faux electrical cords, there’s no doubt fakes can be dangerous to our safety, but what about our economy?

Do you know how much counterfeiting and piracy cost the global economy? The answer blew away folks we encountered in Times Square:

Sure, worldwide counterfeiting and piracy adversely affect the innovative potential ($650 billion lost yearly) and jobs (55 million in the U.S.) of the businesses they’re ripping off, but if you go one layer deeper, you’d see that the black market also chips away at our state and local services and economies. Every product sold by a counterfeiter deprives our local legitimate business owner of a sale, harms community artists and musicians, and reduces funding for our schools, hospitals, and general services.

So, next time you encounter a fake, ask yourself “is this a cost worth paying?”

For more information, please visit


Global Innovation Policy Center (GIPC) @globalIPcenter 9m

If the Bayh-Dole Act is effectively dismantled, the weight will fall primarily on U.S. small businesses, which license approximately 70% of university inventions. Learn more about the importance of protecting Bayh-Dole:

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