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Theft of medicines is emerging as the new frontier of pharmaceutical crime. Evidences suggest that this crime is highly lucrative, at lower risk than other illegal activities and likely to involve networks of criminal organizations with a transnational dimension. This paper is the first study on this booming but almost unknown criminal phenomenon. In particular, it carries out an exploration of the background behind pharmaceutical theft and of the drivers that influence the demand for and the supply of stolen medicines and an analysis of thefts of medicines from hospitals between 2006 and 2013 in Italy, based on almost 70 cases reported by the Italian media. The study provides clear evidences on the magnitude of this illicit market and on the harm caused to patients, pharmaceutical companies, and the national health system’s budget. In addition, it furnishes important information on where and how stolen medicines are trafficked and on the actors (both criminal and legal) involved in this illicit market.