Pharmaceutical Blister Packaging – Industry Overview
The global pharmaceutical blister packaging market is expected to expand through 2022, owing to the growth in over-the-counter (OTC) drugs, rising focus on health management, and the outbreak of new diseases. Also, the rising demand for safe and tamper-evident packaging is anticipated to propel market growth. In addition to this, the development of a super barrier coating for blister packaging to protect ultra-sensitive drugs is boosting the demand for packaging in the pharmaceutical industry. However, with consumers becoming more conscious about the quality of pharmaceutical products and their visual appearance, companies in the pharmaceutical blister packaging market are in the need to ensure quality packaging while balancing the costs of production.
Top Markets: Europe holds the largest share in the pharma market and is expected to retain its dominance through 2025. The experts at Infiniti Research predict that Latin American regions such as Brazil and Argentina will witness steady growth over the next two years.
In a world of complex supply chains and extreme price volatility, business leaders need valuable market insights to make smarter business decisions. Our procurement market intelligence solutions can help you achieve these business objectives. RFP for more insights.
Business Challenge – Pharmaceutical Blister Packaging
The client is a pharmaceutical blister packaging firm based out of North America. Due to the complex nature of the North American pharma blister packaging market, assessing the company’s overall procurement competence, evaluating suppliers’ pricing and cost structure, and conducting price model analysis was becoming difficult for the company. The pharmaceutical blister packaging client, therefore, wanted to gather data on supply market capabilities, understand how their competitors are managing supply chain operations, and identify key trends driving the market. In addition, they wanted help in developing a better contract negotiation strategy with current suppliers, reduce maverick spending, and enhance operational efficiency. They approached the experts at Infiniti Research to leverage their expertise in offering procurement market intelligence solutions.
With Infiniti’s procurement market intelligence solution, the pharma packaging client also wanted to tackle challenges including:
- Extending product shelf life, maximizing production efficiency, and improving speed to market
- Improving patient compliance
- Creating visually appealing and texturally pleasing designs
- Increasing visibility and accessibility
- Protecting drugs from physical damage during transit
- Customizing packaging to fit the needs of the product
Access to timely, accurate, and actionable market insights is a huge strategic advantage. Our procurement market intelligence experts can help you to gather real-time market and competitive insights.
Our Integrated Approach
To address the business issues and meet the specific requirements of the pharmaceutical blister packaging market client, the experts at Infiniti Research carried out an approach comprising of primary and secondary research. The data gathered through primary and secondary research was validated with market experts and independent consultants. Also, Infiniti’s procurement market intelligence engagement involved tracking the latest developments and procurement trends in the pharmaceutical blister packaging market through secondary journals. The experts also reached out to key stakeholders, thought leaders, and end-users of consulting services to understand their views on the pharmaceutical blister packaging market.
With the help of the procurement market intelligence study, the pharmaceutical blister packaging market client was able to identify their supplier’s cost and pricing structure and develop a sound price model analysis. Additionally, the experts helped the pharmaceutical blister packaging market client to develop a list of suppliers in terms of their business profile, financial structure, and revenue. This helped them to identify the right suppliers for providing them with the raw materials for production.
The experts at Infiniti Research also focused on estimating the current market size, market segments, the latest market trends, drivers, and challenges in the North American pharmaceutical blister packaging market.
Results Obtained
With Infiniti’s procurement market intelligence engagement, the client was able to evaluate key suppliers’ cost structure and identify the right suppliers. This helped them to increase efficiency, improve compliance, and reduce operating costs. Also, the client was able to accurately analyze spend data and trends, which helped them to efficiently allocate operating budgets.
The procurement market intelligence experts at Infiniti Research also helped the client devise a sound contract negotiation strategy. This helped them to make better decisions regarding new and current suppliers. The experts also helped the client to understand how their competitors are managing supply chain operations. This helped them to strategize their supply chain initiatives and reduce maverick spend across inventory.
Also, by undertaking initiatives recommended by the experts at Infiniti Research, the pharmaceutical blister packaging market client was able to maximize production efficiency and improve speed to market. Understanding customers’ needs helped them to create visually appealing and texturally pleasing designs and drive patient engagement. Also, by using transparent packaging materials, they were able to increase visibility and accessibility.
In addition, the pharmaceutical blister packaging market client was able to preserve the integrity of pills by sequestering each pill inside its own blister in the blister pack. As recommended by the experts at Infiniti Research, the client also used slim medication blister packs to ease the storage of pills and protect them from physical damage during transit.
By devising a proprietary procurement model, the experts helped the client to identify new cost reduction opportunities and reduce procurement spend by 20%.
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