U.S. remains largest market for pharmaceuticals and medical devices
The U.S. continues to be the largest market for
pharmaceutical and medical devices, according to PACK EXPO owner and producer PMMI, The
Association for Packaging and Processing Technologies. As the global
demand for medicines and devices rise, processors are concerned with issues
such as changing consumer demographics, regulatory issues, the need for cost
containment, advances in 3D printing and updating legacy lines.
PMMI released the findings of its
Pharmaceutical and Medical Devices: Trends and Opportunities in Packaging
Operations report at PACK EXPO International and Pharma EXPO 2016.
Looking globally, branded and specialty drugs
and innovative medical devices will likely drive spending growth in the
developed markets, while an overall increase in the use of pharmaceuticals and
medical devices are projected to spur development in emerging markets. Contract
manufacturing and packaging for pharmaceutical products in developed markets
are forecasted to grow at six percent CAGR through 2018, according to PMMI’s
research. Mergers and acquisitions will also remain a major component of
strategic growth, with mergers up 66 percent from 2014 to 2015 and predictions
of strong continued activity. Emerging markets, particularly India and China,
are seeing rapid growth in pharmaceuticals and medical devices.
“With
two out of three companies predicting the need to spend more on capital
equipment in the next 12 to 24 months there are great opportunities for OEMs in
both pharmaceuticals and medical devices,” says Jorge Izquierdo, vice
president, Market Development, PMMI.
“Pharmaceutical
manufacturers face many of the same opportunities that other packaged goods
manufacturers are challenged with, such as sustainability, smart packaging, 3D
printing, track & trace and cold chain logistics. The PACK EXPO portfolio
of trade shows consistently bring the entire packaging industry together to
learn about the latest innovations and advancements benefiting all market
sectors,” Izquierdo adds.
As the report highlights, pharmaceutical
manufacturers are subject to some of the most rigorous standards for package
printing and labeling. It is critical that pharmaceutical and medical device
manufacturers stay abreast of the ever-evolving requirements including
necessary counterfeit prevention and security features. Regulations requiring
Serialization and Unique Product Identification (UDI) will continue to impact
the entire supply chain.
PMMI’s PACK EXPO portfolio of trade shows
continuously brings opportunities for the packaging machinery industry to support
and grow the industry .PACK EXPO East 2017, the industry’s premier trade show
experience in the East, returning to Philadelphia (Feb. 27–Mar. 1, 2017),
brings together suppliers of packaging innovations for pharmaceutical/medical
device, food, beverage, cosmetic/personal care, chemical/household and other
packaged goods that serve companies of all sizes. With one-third of the
nation’s consumer packaged goods companies and the majority of major
pharmaceutical manufacturers located within 200 miles of Philadelphia, PMMI is
expecting another top-tier event for the growing industry.
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