There is a fine line between product innovation and product counterfeiting

There is a fine line between product innovation and product counterfeiting

There are many problems facing the business world these days such as the poor economy, and the bad business actions of the financial giants but the most damaging and costly actions facing businesses today is product counterfeiting and intellectual property crimes. The problems costing American businesses and consumers billions of dollars every year and it seems as though there is no end in sight because the annual costs every year just keep going up despite the laws that the United States and many other countries have enacted. Product counterfeiting is labeled by the F.B. I., as the #1 crime of the 21st century; it has even passed the sales of illicit drugs. The purpose of this paper is to define the different types of crimes that are costing so much money for American businesses. It will also explain the different acts enacted to prosecute the guilty individuals and deter others before they become guilty.
Counterfeit products look almost identical to the original products. They are made with sub-standard parts and the quality is poor. Even with that information being widely known there are many people that intentionally buy counterfeit products mainly because they are so much cheaper than the original products. They may seem cheaper in the beginning but it the end, the cost to businesses, consumers, and their countries (government) are astronomical. The International Chamber of Commerce (ICC) estimates the global trade of counterfeit products and pirated goods to be over 700 billion dollars annually. That is between five and seven percent of the world trade. The counterfeit products that have the most potential to cause serious harm to humans are the fake medicines. These medications are fast becoming the biggest health problems facing developing countries. In fact, the International Policy Network (IPN) estimates the number of people that die annually from taking fake medications to be close to 700,000 (Cofie, C. 2009).
A trademark as defined in the Trademark...