Pirated Medications a Drag on L.A. County Economy
A study released on Friday found that bootleg prescription drugs and other merchandise cost nine industries in Los Angeles County more than 100,000 jobs and about $5.2 billion in lost sales in 2005, the Los Angeles Times reports. The hit on the entertainment industry accounted for more than half of the total.
The Los Angeles County Economic Development Corporation conducted the study, which was funded by Los Angeles Mayor Antonio Villaraigosa (D) and other city and county officials. It represents the most comprehensive report to date on the effect of piracy in Los Angeles, according to the Times.
The report also found that the bootleg merchandise has cost state and local governments at least $483 million in tax revenue.
Council member Wendy Greuel -- who advocated for the study -- and Villaraigosa on Friday were expected to announce a task force of elected officials and industry representatives who will examine methods to crack down on piracy (Verrier, Los Angeles Times, 2/16).