The Business Challenge
The client, a renowned pharmaceutical packaging manufacturer, wanted to understand the relative risk in the packaging industry and identify potential ways to reduce the bottlenecks. The client further wanted to determine the opportunities and position their products based on the target audiences. With the help of the industry risk assessment, the client wanted to seek ways to improve the time to market for the products offered. The primary objective for the client was to reduce the supply disruptions and reach out to the target audience in an agile and seamless manner.
To understand the potential risks in the pharmaceutical packaging space, the industry risk assessment experts at Infiniti followed an extensive research methodology. The scrupulous research methodology comprised of interviews and discussions with prominent stakeholders in the pharmaceutical packaging space. Moreover, to reduce the time-to-market for the products offered, the risk assessment experts also compiled information across secondary sources such as industry databases, trade shows, regulatory bodies, and company presentations in the pharmaceutical packaging space.
The Solution Benefits and the Business Impact
The industry risk assessment solution offered by Infiniti helped the pharmaceutical packaging client analyze the risks involved while entering the market with that of the competitors. The solution also assisted the client to understand the severity of the risks and the requirements to efficiently position their products in the market. Moreover, the solution also sought ways for the client to realign their product offerings to meet the rising consumer demands and adequately allocate the resources to meet the business requirements.
Future of Pharmaceutical Packaging Industry
The recent years have brought about incremental growth in the pharmaceutical packaging industry, owing to the rising demand for pharmaceutical products across the globe. The growing concern for reliable packaging that aids in protecting medicines and drugs from external elements is compelling organizations to resort to innovations to spur the sales of products. Moreover, the rising incidences of unfavorable elements such as biological contamination, physical damage, and degradation of pharmaceutical products will contribute to the growth of the industry. Despite the global uncertainty, the pharmaceutical packaging industry is witnessing a promising growth owing to the favorable market conditions and stringent regulatory compliance. Although the pharmaceutical packaging market is witnessing a promising growth, several factors may influence the growth of the market. These include:
The rise of counterfeit products: In recent years, the pharmaceutical packaging industry is witnessing an increase in the competition with a considerable number of players offering a wide array of product ranges. The recent rise in the number of counterfeit products is forcing companies to invest highly in R&D to improve their packaging techniques without compromising the quality of the products offered.
Fluctuating raw materials prices: In the pharmaceutical packaging space, it involves the use of end raw materials such as paper, board, and rigid plastics. The recent economic slowdown coupled with the inflation is creating uncertainties in the cost of raw materials, this, in turn, is necessitating the need to maintain stability in the prices of the products.
A Glimpse at the Future of Packaging Industry
The future of the pharmaceutical packaging space will be marked by the robust growth in technologies. Moreover, through advanced innovations, the pharmaceutical packaging space will witness the advent of smart packaging techniques that can help in the real-time monitoring of products through RFID technology. Leading organizations will also shift toward biodegradable packaging to reduce their carbon footprint.