Medical technology scam – who are the actors

Stealing and selling medical research secrets, hacking medical records and making false sanitary passports, false medical equipment patents are just some of the medical technology scams you can encounter today. Many of us could be vulnerable to these scams due to the lack of knowledge and incautious internet behavior. Especially if you are an investor.

Elisabeth Holmes case

Some people reaped really big fortunes with the medical tech thievery. You can read at length on the internet about this billionaire facing a long year in prison now. Elisabeth was named one of the youngest billionaires by Forbes just a few months before being accused of wire fraud.

 She misled the investors, doctors and patients to invest in their products related to the blood testing from 2010 to 2016.

The frequency of health care fraud and wire frauds are on the rise during the pandemic of COVID 19. There are so many ways to make money through fake medical equipment, counterfeit tests and many more that some cannot simply resist making the most out of it.

Even if you are maybe not directly vulnerable to these scams, knowing more about them will position you not to believe everything. And more importantly, as an investor, don’t jump on every opportunity that comes to you like an offer for overnight get rich.

False patent scam- Is iNitril a scam?

In the midst of the pandemic, one American company was on the road to make millions of thanks to a fake medical innovation project.

Omri Shafran and his team were the culprits of the affair. While the vaccines were still on their way many inventors and business owners were aware that medical technology was their gold mine.

As the owner of Texas Medical Technology, Shafran’s business plan encompassed selling medical equipment from protective sets to blood processing machines.

What gave away his dishonest quest were the photos on one of his websites. The observer can spot the messy images and product numbers, and many more suspicious details. These made people believe something is going wrong. Finally, all these conclude that he deals with the patent counterfeit, and there is a lot to prove.

International stealing intellectual property – the stakes are high

This is one of the biggest concerns for the US government, FBI today. China is especially prone to steal American medical technology by any means necessary.

In 2021, an American researcher was sentenced to three years of prison. It was for stealing and selling the information to Chiba. The data were related to scientific medical secrets. He was arrested in July 2019 and sentenced in 2020.

This is not, unfortunately, the only case of medical tech thievery. Also, China is targeting other countries besides the USA. The Australian Police Institute stated in 2018 that China is in breach of bilateral agreement regarding cyber espionage.

As intellectual property represents the propeller of economies, the medical tech thievery of the steaks is high. Once China steals the patent, research costs are lower, and the product could be made immediately, barring sustainable profits.

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