The Legatum Institute hosted AEI resident fellow and economist Roger Bate for a discussion on his new book Phake—The Deadly World of Falsified and Substandard Medicines.
In his new book Roger Bate takes on the deadly world of counterfeit and sub-standard medicines. Phake explores the underground trade in illegal medicines that kills over 100,000 people per year and supplants billions of dollars’ worth of real products.
Bate unravels a complex web of criminal traders, corrupt officials and an inattentive international community. However, all is not lost. Entrepreneurs in emerging markets such as Nigeria, Ghana and India are coming up with tracking technologies to monitor good products and keep out the bad. US companies are deploying cutting edge technology in the field to help people catch the criminals.
Improving standards in pharmacy procurement have led to fewer substandard products in circulation so pharmaceutical chains are saving lives and making entrepreneurs money in the process.
Bate has spent years tracking stolen, counterfeit, and substandard medicines in Asia, Africa, and the Middle East, discovering the anatomy of the nebulous black market and identifying its perpetrators.