Manas Bastia
Many attribute packaging as the 5th P of marketing! As pharmaceutical packaging evolves fast, buoyed by growing sophistication in related technologies as well as strategies, there will be increased expectation from pharmaceutical marketing in the future. In the light of this, the 2017 forecasts for the global pharmaceutical packaging industry by GBI Research’s latest report assume significance.
According to this report, the global pharmaceutical packaging industry is projected to grow at a Compounded Annual Growth Rate (CAGR) of 7.3 per cent over the next four years to reach a value of $ 78 billion in 2017. Along with insights into the global pharmaceutical packaging market, it provides information on market forecasts and trends until 2017.
To elaborate, the global pharmaceutical packaging market is currently in the midst of rapid expansion, with advances where advances in manufacturing processes are coupled with technology, innovation and integration. Expectedly, the likely highest growth is from emerging economies such as India and China, thanks primarily to the increasing footprint of generics and contract manufacturing activities.
Other major growth prospects that can be distilled for the benefit of the pharmaceutical industry are the following ones. As more than $ 100-billion worth drugs go off patent in the next three years, generic drug manufacturers as a major segment will be in the driver’s seat for pharmaceutical packaging.
Among all, prefillable syringes and parenteral vials form the fastest growing segment in the pharmaceutical packaging market. This growth momentum will continue with advances in biotechnology leading to the introduction of new injection-based therapies. Also, the increasing demand for biologics will lead to further innovation in packaging solutions and help drive the application of innovative products in the global pharmaceutical packaging market.
It is important to note here that the market size of drug delivery devices and blister packaging is likely to grow at a faster rate than other segments in the pharmaceutical packaging industry. As the demand for improved drug delivery mechanisms and better drug delivery devices increases, it will be possible to administer more complex biologic molecules.
That said, there are several challenges for the packaging industry to overcome while progressing on the path of meeting higher demand from the growing pharmaceutical industry, as per this report. The array of challenges ranges from the availability and price volatility of raw materials to changing health regulations across the globe.
As the battle pitch for the precious on-pack space gets louder, the way forward seems to be smaller batch sizes and packaging machines that will be more flexible, efficient, robust, intelligent and user friendly.
