Stricter norms by governing agencies push market

Stricter norms by governing agencies to push market

4:53 AM, 27th November 2017
Pharmaceutical contract packaging refers to the outsourcing of packaging activities to Third party vendors. (File photo)
Pharmaceutical contract packaging refers to the outsourcing of packaging activities to Third party vendors. (File photo)

The pharmaceutical industry across the globe is changing at a breakneck pace with a lot of trends and business relationships. The changes not only involve new medical developments, patents and corresponding equipment, but also the roles of all stakeholders. One such new trend is pharmaceutical contract packaging market, according to a report by Future Market Insights. 

The first understanding which strikes our mind with the word pharmaceutical contract packaging is that packaging which caters to only for pharmaceutical industry. Pharmaceutical contract packaging refers to the outsourcing of packaging activities to Third party vendors.

Drug manufacturing companies are shifting to subcontract these non-core services in order to save time and expenses. It can be anticipated that in coming time pharmaceutical contract manufacturing will expand exponentially and register a healthy growth over the forecast period.

Drivers & Restraints

Contract packagers can sort out multiple issues related to unusual packaging needs or take up any packaging project from beginning to end. With advancement of medical science development of medicines for various diseases and deficiency the requirement of packaging of such medicines also multiplied with time. Conventional medicines altogether with alternative medicines are moving fast to meet patient’s demand.

Pharmaceutical companies instead of investment in packaging for end products are now outsourcing the job of packaging of end product to those companies who are capable and specialized in handling packaging of medicines. Medicines are manufactured at one location and are sold across the globe in order to meet local market acceptance those medicines need to be packed with information as well as packaging material as per se the market.

Packaging of pharmaceutical drugs are a critical aspect as the product need to be safe for patient consumption which may not be forte for pharmaceutical company but for the contract manufacturing. Necessity of specialization of packaging has boost up an alternative industry contract manufacturing which is being now a source of employee. Expansion of senior age population, governing agencies pushing stricter norms on packaging and growing public interest for innovative packaging are few of the drivers which will drive pharmaceutical contract packaging market.

Contract pharmaceutical packaging industry has yet started and hasn’t gained strong foothold but over the forecast period the contract pharmaceutical packaging will grow.

Segmentation

The global pharmaceutical contract packaging market is segmented on the basis of product, sales channel and region.

On the basis of type of products:

  • Flexible Packaging
  • Plastic Containers
  • Glass Containers
  • Caps/Closures
  • On the basis of drug type:
  • Autacoids & Related Drugs
  • Contraceptives
  • Hormone Replacement
  • Cardiovascular Medicines
  • Cancer Therapies
  • Others

On the basis of drug form:

  • Oral
  • Injectable

Regional Outlook

Based on the geographies, global pharmaceutical contract packaging market is segmented into five key regions -- North America, Latin America, Europe, APAC, and Middle East & Africa. Among the aforementioned regions, North America leads in Contract pharmaceutical packaging owing to the reason North America has been global leader in drug manufacturing for various diseases. Strong R&D and the presence of key global players in pharmaceutical drugs manufacturing in North America is bolstering the growth of contract pharmaceutical packaging.

And it can be expected that contract pharmaceutical packaging market will continue to grow over the forecast period. Next to North America, APEJ is believed to be the key market for contract pharmaceutical packaging. Countries such as India, China etc. have been a booming market for pharmaceuticals. Pharmaceutical drugs ranging from antibiotic, allopathic and alternative are on high demand from users from APEJ countries.

The growth of pharmaceutical companies in APEJ region will boost the market of contract pharmaceutical packaging as most of these companies doesn’t engage itself in packaging of medicine. Western Europe countries such as Germany, France and UK are also moving with a decent pace towards contract pharmaceutical packaging in order to cut down additional operational expenses of packaging for pharmaceutical companies. Eastern Europe is also significantly growing in contract pharmaceutical packaging market.

MEA & Latin America on the other hand haven’t seen much of contract pharmaceutical packaging market but we can stay optimistic about the growth of contract pharmaceutical packaging market in these regions as well. Japan has been a significant country when it comes to contract pharmaceutical packaging market, the country has been witnessing growth in contract pharmaceutical packaging industry.

© Chemical Today Magazine

 

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https://www.worldofchemicals.com/digitalissue/chemical-today-november-2017/25

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