The industry of counterfeited products has taken shape due to the desire of customers to get hands-on high quality item at reasonable rates. They have great satisfaction in this and this is where the counterfeited goods are made available in the market. Different world markets are full of counterfeited products ranging from cosmetics, electronics, footwear, dresses and many more. This has taken such a shape in the market that counterfeited products are also available for food and medicines. Therefore, it requires having intellectual property rights relating to the counterfeited items.
The main idea behind the products is to offer alternative in the name of the original product. Also, the counterfeited items are available at less than half its original one. This is something what customers look for when they aren’t able to afford the original one at a huge price. The desire to have the counterfeited items has triggered the necessity to come up with such wide variety of items these days in the market.
When customers are buying counterfeit items, they are aware of its quality and the price. Despite low utility of the items, it is desirable for the customers to have the product. This is why the counterfeit items are available in large quantity in the market. It is available for beverages, food, cosmetics, electronic devices and the like options. But one should be careful when using one such item from the market. This is how the counterfeit item market is raising high with serious impact on economy.
Different businesses are coming up with new products in the market and it is important for them to use the intellectual property rights. This is to prevent the problems of counterfeited items. The main idea of using the intellectual property is that they can use the full benefit of the product without letting others do the same. With more of counterfeit items, it indicates that the legitimate businesses are trying to compete with organization who are concerned about intellectual property and running the business without being concerned about tax. This way, it affects the legitimate business due to the increasing presence of the counterfeited items in the market. This is where the intellectual property rights should be implemented to prevent the use of counterfeited items. It shall help to maintain the quality of goods and service offered by the businesses in the market.
The counterfeit items poses harmful threats to consumers and these are not subject to regulatory controls of its related original items. The products can result in serious health issues for the consumers of the items. As counterfeiting decrease the value of the actual item, it is necessary to make the suitable use of intellectual property rights. If there is poor enforcement of intellectual property laws, there will be massive increase in the number of counterfeit items. For selling or buying products, there should be correct use of trademarks.