With the aim of targeting growing threats like fake drugs and Internet-based piracy, the US Vice president Joe Biden Tuesday announced Obama administration’s new multi-pronged program for the protection of Intellectual Property rights.

The government-wide strategy will stem the yearly loss of billions of dollars generated from online piracy and sale of counterfeit goods; and over 50 FBI agents will be added this year to deal with Intellectual Property abuses that affect an array of industries, including entertainment, software and pharmaceutical markets.

While rolling out the new interagency strategy, Biden – who was flanked by a few cabinet officials, including Attorney General Eric Holder; Food and Drug Administration Commissioner Margaret Hamburg; and Homeland Security Secretary Janet Napolitano – said that counterfeiting not only strangles creativity, but also poses a safety risk.

According to the information forwarded by Victoria A. Espinel, the coordinator of Office of Management and Budget’s Intellectual Property Enforcement agency, the unit will review the ongoing attempts to rein in intellectual property infringement of US goods abroad, particularly in China.

In addition to intensifying policing of imports, one main plan of action that stems immediately from the 33-part strategy is proposing a legislation that requires firms to alert the FDA about fake drugs and implementing electronic tracking of drugs and medical products.