The U.S. continues to be the largest market for pharmaceuticals and medical devices, according to a newly released study called “Pharmaceutical and Medical Devices: Trends and Opportunities in Packaging Operations.”
In this latest Business Intelligence report from PMMI, The Association for Packaging and Processing Technologies, industry professionals from drug companies, medical device manufacturers, and contract service companies that operate in the life sciences arena share their experiences in complying with tracking regulations, operational challenges, and their future equipment needs.
As the global demand for medicines and devices rises, 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.
Faced with the regulatory challenges of Serialization, Unique Device Identification (UDI), and pressure to produce at a low cost, manufacturers in the healthcare and life sciences space are looking at new equipment to replace outdated production lines.Nearly half of healthcare manufacturers interviewed continue to replace legacy equipment and buy new equipment, while two-thirds of participating companies predict spending more on capital equipment in the next two years.
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, particularly China and India. 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.
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.
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 (February 27–March 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.
To download PMMI’s full 2016 Pharmaceutical and Medical Devices report, go to pwgo.to/2603.