INX International and VerifyMe preview Label Academy master class presentation

Why did you decide to present at the Label Academy virtual master class on brand protection?

Mike Brice (MB): We see it as a unique opportunity to expose the print community to a viable solution to brand protection.

Keith Goldstein (KG): Illicit trade is a large and growing global problem affecting virtually all brands. In collaborating with INX International Ink, we can offer many different solutions.

Can you give a preview of what you will be speaking about in your session, and will attendees gain from joining?

MB: How INX, working with VerifyMe, can develop and produce various ink formulations to combat and mitigate counterfeiting and product diversion.

KG: Provide a better understanding of how overt and covert printing techniques can help with brand protection.

How did the collaboration between INX International Ink and VerifyMe come about?

MB: VerifyMe was looking to expand its portfolio of print deposition methods. They needed an ink company with a global footprint and the ability to research, formulate and manufacture inks for all print mediums. Keith Goldstein, COO of VerifyMe, was introduced to me through a mutual friend. We met in January 2019 and Keith explained the technology and VerifyMe’s needs. He quickly realized that INX was the company to partner with in order to meet his strategic and growth needs.

With the support of the executive management team and knowing this technology opportunity fits with INX’s enterprise strategy goals to work with brand owners and grow our platform for smart packaging, it was an obvious choice to secure a relationship and reach an agreement.

What challenges did you encounter along the way?

MB:  None really. Both parties saw the inherent value in each other’s strengths and deliverables. Due to remote working, getting my team together to craft an agreement took longer than normal. This is true of product development as well.

KG: There is not a one size fits all approach. Different print methods, substrates and end uses require unique formulations. 

What impact do you anticipate special inks will have in the global drive to combat counterfeiting and protect brands?

MB: Significant beyond calculation. With the cost of counterfeiting and piracy to consumers, businesses and governments in the trillions of dollars, consumer safety will be assured and enhanced, bottom lines will improve, and government revenues will increase.

KG: With increased security print methods, more products will be able to be marked and protected than ever before, helping brands reduce illicit trade.

What is the biggest brand protection challenge facing brands, and which segments are particularly prone to counterfeiting?

KG: Every industry has a significant counterfeiting and diversion problem. Counterfeit pharmaceuticals amount to $200 billion annually. According to a 2019 International Monetary Fund study, counterfeiting and piracy is estimated to be the sixth largest economy in the world (nominal GDP) by 2022 at 2.8 trillion dollars. That would rank between the economies of India and the UK. The greatest interest is in products that go in or on the body, such as food and beverage, cosmetics, perfumes, pharmaceuticals, nutraceuticals and cannabis.

Can you give us an insight into any other brand protection projects in the pipeline?

MB: INX can make virtually any ink using the RainbowSecure pigment so it’s truly dependent upon the brand owner’s needs; aluminium and plastic bottle caps, shrink sleeve, apparel, UV/LED DOD and soon CIJ.

Covert technologies: Inks takes place on Tuesday 30 March, between 15:05 - 15:20 BST.