We need a shift in collective consciousness and better enforcement of IP rights to combat the serious economic harm from fake goods, says Mauricio Galindo of Dumont.
Counterfeiting is a global issue that causes significant harm to the economy, society, and consumers. It affects not only the owners of IP but also consumers who knowingly or not purchase counterfeit goods.
In terms of the global economy, the World Intellectual Property Organization (WIPO) estimates that the value of counterfeit and pirated goods is US$509 billion annually. This represents a significant loss of revenue for legitimate businesses and governments worldwide.
