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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.

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Pharmaceutical packaging market

Infiniti’s Market Intelligence Solution Helped a Pharmaceutical Packaging Company Exceed their Sales Expectation and Realize Savings of Over $3.7 Million

Pharmaceutical Packaging Market Overview

The global pharmaceutical packaging market is expected to witness remarkable growth over the next five years, triggered by increasing R&D, innovations in packaging materials, growth in the generics market, and rising trend of contract packaging. Although these transformations are opening up new opportunities for companies in the pharmaceutical packaging market, companies will also need to overcome certain market challenges and adhere to the medicine packaging standards of the region. However, assessing competition in local markets and developing an effective market entry strategy becomes difficult without the right market intelligence partner. As a result, companies in the pharmaceutical packaging market are now partnering with firms like Infiniti Research to leverage their expertise in offering custom market intelligence solution.

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Business Challenge

The client is a pharma packaging company based out of Canada. The client wanted to understand the potential for their pharma packaging product and the competitive landscape in Europe. Additionally, before expanding their operations in the European market, they wanted to gain a better understanding of the prevailing and potential market opportunities in Europe. Also, they wanted to analyze factors, including investment environment, industry development, and competitors’ plans and actions.

Other key objectives the client wanted to achieve by leveraging Infiniti’s market intelligence services were:

Pharmaceutical packaging market challenge #1 – Handling and transportation

With Infiniti’s market intelligence solution, the client wanted to understand all the packaging alternatives leveraged by pharma companies in Europe to protect medicines from vibration and shock during the transportation process.

Pharmaceutical packaging market challenge #2 – Accommodating new biologics

With a multitude of new drugs being introduced each day, the client wanted to understand the packaging initiatives undertaken by top pharma companies in Europe to accommodate them. In addition, the client wanted to analyze the demand for silicone-free or low-silicone syringes in Europe.

Pharmaceutical packaging market challenge #3 – Preventing counterfeit products

The rise of counterfeit drugs increased challenges for companies operating in the pharmaceutical packaging market. This even compelled the companies in the pharmaceutical packaging market to incorporate scannable codes and hologram stickers to seal the packaging and ensure that genuine products stand out. The client, therefore, wanted to analyze all the risks facing the companies in the European pharmaceutical packaging market.

Market intelligence solutions can help companies in the pharmaceutical packaging market to analyze all the latest market opportunities and trends in a new or existing market. Contact us to know how our custom market intelligence solutions can help your business.

Solutions Offered

The experts at Infiniti Research conducted a European pharmaceutical packaging market research. This phase of the engagement helped the client to gain a better understanding of the current and future market potential for pharma packaging products in Europe. Based on our insights, the client also gained insights on the market demographics and competitive scenario.

The next phase of the market intelligence engagement involved market opportunity assessment. The insights obtained from Infiniti’s market opportunity assessment helped the client to review potential barriers to market entry and assess markets’ readiness for new offerings. In addition, the client was also able to identify the pharmaceutical packaging trends and alternatives that need to be focused on in the coming years.

Infiniti’s market intelligence engagement also involved risk assessment and competitive intelligence study. The insights obtained from this phase of the market intelligence engagement helped the client to analyze top companies in the European pharmaceutical packaging market and understand their business strategies and plans. Also, the client was able to assess all the industry risks impeding the business growth of pharma packaging companies in Europe.

Results Obtained

With Infiniti’s market intelligence engagement, the client was able to gain comprehensive insights into the European pharmaceutical packaging market landscape. They were also able to analyze factors such as industry development, investment environment, pharmaceutical packaging market size, and market opportunities.

This helped the client to evaluate the market potential for their products in Europe. Also, the client was able to successfully establish their foothold in the European pharmaceutical packaging market by devising an efficient go-to-market strategy. Within one year of entering the European market, the client was able to exceed their sales expectation and realize savings of over $3.7 million.

Packaging Challenges in the Pharmaceutical Industry

pharma packaging market

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