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smart packaging

Smart Packaging: The Next Big Thing in the Pharma Industry

The growth in the global pharmaceutical industry will be driven by safety concerns and the ability of products to fit in the loop of connectivity and communication. Smart labels, QR scanning, brand protection, and identification are some of the aspects that indicate that smart packaging industry needs to evolve constantly to serve all product-shipping business verticals, including pharmaceuticals.

One of the key challenges faced by pharma companies today involves the increasing cost of bringing new formulas into the market. In the case of generic medicines, competition is becoming fierce. Furthermore, companies in the sector are increasingly experiencing pharmaceutical logistics challenges such as shortcoming relating to drug expiry date management, counterfeiting issues that jeopardize quality of care, and product degradation and recalls. A lot of effort is being put in by players in the sector to re-design pharma value chain and turning these roadblocks in opportunities. Among the several advanced techniques used by pharma companies for enhancing performance, smart packaging has been a breakthrough. Smart packaging is an advanced packaging system that can monitor changes in a product or its environment and help pharma companies to act upon these changes. Sensor-equipped smart packaging in the pharma industry can help track a product along the supply chain to the end-user.

There is no doubt these are exciting times in the pharmaceutical industry with advanced techniques such as smart packaging underway. But is your business prepared to accommodate these trends? Request a free proposal to know how our experts can help you best prepare for the changing market trends.

Benefits of smart packaging in the pharma industry

smart packagingTemperature control

If medicines are not stored at the right temperature, it can not only lead to product damage but can also prove to be dangerous for consumption. With smart packaging solutions for the pharmaceutical industry, it is now possible to create labels informing about a product’s temperature during the shipping process and storage. This helps doctors, pharmacists or patients to determine whether the drugs are safe to take or not.

Adhering to medication

Smart packaging for pharma products is a great way of reminding patients about adhering to the prescription. NFC tags used in smart packaging provide patients with enough information so that they know they are using the drug as intended. The information is often delivered in an interactive way on the patient’s smartphones, for instance via video.

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Stock control

Smart packaging will be beneficial for pharma companies to keep tabs on their stock and manage their inventory levels better. The sensors in smart packaging allows companies to check the stock level available with them and adjust the production and supply accordingly to prevent situations of understocking or overstocking.

Enhances clinical trials

Smart packaging solutions for clinical trials are largely focused on patient compliance and engagement. Sometimes, during a clinical trial, enrolled patients typically need to maintain records that document their drug administration. Many don’t take the time to do that real-time and, as a result, their data is subject to error. Smart packaging aims to avoid such errors by notifying the patients to take the medicine on time and recording the exact time that the medicine was consumed.

Learn more about Infiniti’s solutions for companies in the pharma industry

European food packaging

Market Intelligence Engagement Helped a European Food Packaging Company to Sign a €1 Million Deal with a Processed Food Manufacturer

European Food Packaging Industry Overview

The coming years seem to be extremely promising for companies in the European food packaging industry, due to the upsurge in the demand for packaged and processed food products. Also, the busy lifestyle of Europeans has induced high demand for on-the-go, convenient food products largely. This has gradually increased the demand for portable packaging materials. Even companies in the European food packaging market are heavily investing in food packaging technologies, which are likely to push the market further.

On the contrary, strict regulations prohibiting the use of plastic-based packaging materials in Europe are likely to be a hindrance to the food packaging market growth. Therefore, it’s high time for companies in the European food packaging market to adopt smart, clean, convenient, and sustainable packaging alternatives to gain a leading edge in the market.

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Business Challenge

The client is a food packaging company in Europe.

Our client, a European food packaging company, wanted to diversify its revenue base away from the traditional contract packaging. They even noted that their current business model was eroding and becoming highly price-driven. They decided to introduce new packaging materials in the market based on demand. To do so, they needed help in identifying food packaging trends gaining popularity in Europe. In addition, they wanted to identify untapped market opportunities to capitalize on to drive sales. They approached the experts at Infiniti Research to leverage their expertise in offering market intelligence solution.

European food packaging company challenge #1: Leverage technology-enabled solution

As technology can now be embedded into packaging to provide the consumer with more convenience, security, and information, smart packaging materials were gaining popularity in the European food packaging market. The client even noted that major food packaging companies in Europe already embedded NFC chips, printed QR codes, and smart labels, which enabled customers to scan using a smartphone for more details on the product. As such, with Infiniti’s advanced solutions, they wanted to identify smart packaging trends that are gaining popularity in Europe.

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European food packaging company challenge #2: Transparent and clean labeling

With the top companies in the European food packaging market adopting transparent packaging and clear labeling to list out the contents of the product, transparent packaging was gaining popularity in the market. The client, therefore, wanted to identify alternatives undertaken by their competitors to keep pace with this market trend.

European food packaging company challenge #3: Rising need for portable packaging alternatives

The on-the-go lifestyle of European customers demanded food options that are easier to hold, grab, eat, and carry. To keep pace with this demand, top companies in the European food packaging market started putting in extra effort to make food packaging portable. The client, therefore, wanted to analyze the potential for portable packaging alternative in Europe for the next five years.

European food packaging company challenge #4: Rise in sustainability

The push for eco-friendly solutions and strict regulations prohibiting the use of plastic-based packaging materials in Europe necessitated packaging brands to ditch single-use plastic and provide recyclable or reusable plastic. To keep pace with this market demand, the client wanted to identify practices undertaken by other European food packaging companies to improve sustainability.

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Solutions Offered

Initially, the experts at Infiniti Research conducted European food packaging market research. The factors such as trends in consumer needs, shift in customer perception of value, and trends in industry cost drivers were taken into consideration.

The next phase involved market scanning and monitoring, which helped the client to understand European food packaging market size, market potential, profitability, and key success factors. A market trend analysis study was also conducted. This helped the client to understand packaging trends gaining popularity in the market. Also, the client was able to understand the rising need of sustainable and eco-friendly packaging alternatives. They were even able to identify technologies leveraged by the top companies in the European food packaging market to enhance operational efficiency and speed-up the manufacturing processes.

By conducting a competitive intelligence study, our experts helped the client to understand areas where they were losing ground or surpassing their competitors in terms of revenue and product capabilities.

Additionally, our experts helped the European food packaging company to predict consumer behavior by analyzing their past purchase behavior and spending patterns.

Results Obtained

Based on the insights obtained, the experts at Infiniti Research recommended the client to adopt flexible packaging alternative as they were eco-friendly, convenient, cost-effective, lightweight, and customizable. Also, they helped the client to embed NFC chips and printed QR codes, which helped customers to scan using a smartphone for more details on the product.

Within 6 months of introducing flexible packaging alternatives, the European food packaging company was able to exceed their revenue goal. They even signed a €1 million deal with one of the largest processed food manufacturers in Europe. And, this product currently contributes to approximately 40% of the organization’s revenue.

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