The Organization for Economic Cooperation and Development (OECD) recently released a comprehensive study on counterfeit and piracy.

The thorough investigation proved that counterfeit and piracy are a massive, worldwide problem. Furthermore, it proved that as a result of harmful counterfeit products, like pharmaceuticals and auto parts, the population is in danger of injury and even death. Additionally, profits made by counterfeited products have drawn in organized crime groups and as a result have caused an increase of social crime in general.

Guy Sebban, Secretary General of the International Chamber of Commerce (ICC) said the most critical finding of this study is that greater and more efficient enforcement is needed. "The costs to society and economies around the world are enormous. We agree with the OECD assessment that more work is needed to quantify these costs, as well as the domestic and Internet markets for counterfeit and pirated goods,” Sabban said.  Consumers, businesses and governments must take action together.

The OECD study found that the estimated worth of counterfeit and pirated goods is over $200 billion annually and with goods sold over the internet it might be several hundred billion dollars more.

The ICC approximates that the value of counterfeit products physically coming through borders, traded over the internet as well as those produced and sold domestically well exceeds $600 billion.

While the OECD study included new answers about the degree of the problem, it did not include the effects of counterfeiting and piracy on economic growth, employment, safety and consumer health, law enforcement, and tax revenues. The study was conducted to gain a better understanding of counterfeiting's impact worldwide, to raise awareness, and as an ongoing effort to better educate policymakers. With such knowledge and understanding a solution to ending this problem could be around the corner.

Sebban believes that the financial backlash around the world due to counterfeit activity is tremendous. He has stated that the ICC is ready to stand along side the OECD for any necessary additional work.

The full OECD report "The Economic Impact of Counterfeiting and Piracy" will be issued this summer.