Yes, you read the headline right. Counterfeit goods and piracy will impact the global economy to the tune of $2.3 trillion, a report predicts. To make matters worse, 5 million jobs could be lost due to these illicit practices by 2022.
The report, entitled The Economic Impacts of Counterfeiting and Piracy, was commissioned by the not-for-profit advocacy group, the International Trademark Association (INTA) and the International Chamber of Commerce’s Business Action to Stop Counterfeiting and Piracy (BASCAP). And it does not make for pleasant reading.
The study follows up on previous research. That paper, released in 2011, estimated that the overall global economic value of counterfeit and pirated goods was much as $650 billion per year. The new research suggests that in 2013, the value of counterfeit and pirated goods was between $710 and $917 billion. The long-term outlook is even worse, the report predicts that figure will rise to an eye-watering $2.3 trillion by 2022.
Counterfeiting is a pertinent issue for pretty much everybody involved within the electronics industry as a compromised supply chain can cost a company an extraordinary amount of both time and money. Given that the presence of a solitary suspect part on a production line can cast doubt on the functionality and reliability of a product, it’s no wonder that buyers, designers and Quality Managers alike all continuously say that counterfeiting is their biggest concern.
With the prospect of counterfeiting only going to increase over the course of the next few years, it is important to ensure that your procurement partners are capable of not just meeting industry standards when it comes to quality assessment, but surpassing them.
Since our foundation in 1994, Lantek Corporation has always strived to offer our customers the very best service possible. As specialists in sourcing hard-to-find, long lead time and obsolete electronic components, we know that we can sometimes operate in an area that has, over the years, become increasingly infested with potential counterfeiters. That’s why we operate to strict guidelines, to ensure the legitimacy and reliability of the parts that we procure for our clients and partners.
With over 144,000 lines in stock, we are one of North America’s leading independent stocking distributors of electronic components. All our stock has been carefully obtained from trusted sources, including semiconductor manufacturers, franchised outlets and class-leading OEMs, and has been subjected to strict quality controls.
By having a tailored range of active, passive and electromechanical items in our warehouse, all available for immediate dispatch, we can help our clients and partners get the stock they need quickly, without the fear of a compromised supply chain.
As well as our stockholding facilities, we also have numerous offices in key strategic locations around the world. With offices in high-profile markets such as the Far East, the United Kingdom and Central Europe, we can scour trusted contacts and suppliers to locate the parts that many others cannot whilst also securing their authenticity.
As well as monitoring our list of approved suppliers, our inspection process and policy procedures will provide you with quality products and will help safeguard against counterfeiters and defective parts.
Every single shipment that we make is thoroughly checked by our highly-trained and ESD accredited personnel. This, combined with additional testing techniques such as a dedicated X-Ray service and full functional testing enables us to offer our customers a Quality-Assured 1-Year Money Back Guarantee.
We are so confident in our services that in the rare event that your purchase fails to meet manufacturer specification (within twelve months of the purchase date), we will either replace the parts at our expense or offer you a refund.
We believe that quality and attention to detail makes all the difference. That is why quality is not just a word we use; it is a way of working that runs throughout our entire company. If you want to help safeguard your electronic component supply chain, look no further than Lantek Corporation.