The Obama administration, alongside a group of 11 key technology companies on Tuesday unveiled a new non-profit group aimed at cracking down on online “pharmacies” that sell fake drugs.
“Trafficking in counterfeits is not victimless,” said U.S. Attorney General Eric Holder at the White House Intellectual Property Summit on Tuesday. “The Justice department is committed to making sure that it is not seen as a safe business strategy.”
The companies that are involved in the initiative include: American Express, eNom Inc, GoDaddy, Mastercard, Microsoft; Neustar, Inc., Paypal Yahoo! Inc., and Visa.
Counterfeit drug sales account for about $75 billion in global sales, according to the National Association of Boards of Pharmacy.