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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.

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

Top 3 Technologies Disrupting the Smart Packaging Solutions Sector

In recent times, packaging has evolved from being a protective barrier for a product to a tool for marketing communications. With constant innovation in technology, packaging is expected to be much more than a protective barrier or a marketing tool. Manufacturers have been focusing on using advanced technologies to provide enhanced functionality – a term known as smart packaging. Smart packaging solutions can be utilized either as an active packaging, providing functionality such as moisture and oxygen control, or intelligent packaging, which indicates status or communicates product changes along with other information. Smart packaging solutions have the potential to positively change the way consumers interact with the product and simplify things.

Here are some of the trends in the smart packaging industry:IR_Brochure

Smart Labels and IoT integration
Smart labels eliminate the need for embedding costly sensors to the product to track vital information regarding location, temperature, movement, and moisture. For instance, a company called ThinFilm has created printed electronics that can be attached to any products to provide real-time information so that the company can check product’s freshness and prevent spoilage.

Augmented Reality in Smart Packaging Solutions
The game Pokémon GO gave much-needed acknowledgment to the augmented reality technology. Much like discovering Pokémon in a real-life map, AR technologies can project vital product information like item tag, order status, stock levels, and delivery destination with the help of an HUD display or a smartphone.

OLED Flexible Display Technology in Smart Packaging Solutions
Although this technology seems too futuristic to be used in the packaging sector, companies are making significant efforts to build prototypes that can incorporate flexible energy efficient display in packaging. A pioneer in this field, VTT Technologies of Finland, is investing heavily in its OLED technology to enable a lean and agile production of custom size and shaped display and signage elements at a meager cost. Such a technology has the potential to create products with interactive packaging and illumination that can attract customers in a retail store.

Get in touch with industry experts to know more trends in the smart packaging solutions and gaining market intelligence regarding the packaging sector.

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Market Opportunity Study on Medical Packaging Films

Latest trends and stringent regulations in the healthcare industry are compelling market-leading companies to adopt new and advanced packaging solutions.

 

Healthcare is one of the top priorities for everyone, all around the world. It is also a buoyant packaging market whose needs and requirements are tied to crucial requirements for safe and effective medical packaging. An in-depth market entry analysis of the industry shows that recent healthcare improvements are dramatically increasing the life expectancy, and new treatments are increasing the quality of life. However, this progress is has created daunting economic challenges for companies looking to enter this dynamic market space.

For market-leading companies looking to establish themselves in this market space, it becomes imperative to meetcapture the vital requirements for safe and effective medical packaging. They must also challenge themselves to sharpen their competitive edge and associate with experts who have years of experience in offering solutions for the packaging of medical and dental products. With the growth of the healthcare industry across the globe, the demand for packaging solutions will subsequently increase. However, eminent factors such as healthcare cost reduction in the major markets coupled with cost sensitiveness due to rising completion in the market space may hamper the companies’ growth prospects.

At Infiniti, our “market entry strategy support” team understands that most companies looking to access this market lack insights on the crucial requirements for safe and effective medical packaging. With years of experience in offering effective market entry solutions for the healthcare sector, we understand that medical packaging requires attention to detail for everything ranging from temperature control to cost effectiveness. We also work closely with device engineers and medical manufacturers to understand the specific needs of their products. Our market entry strategy team also tracks recent developments and innovations in the market through secondary journals and reach out to relevant stakeholders to understand their views on the current and future market scenario.

The Business Challenge

With an aim to explore future growth opportunities and understand the market size for medical packaging films, the client – a global manufacturer of plastic packaging and protection products for healthcare, household, food, andcapture2 industrial applications – was looking to devise an effective market entry strategy for its medical packaging products. To help the client understand the potential for its medical products, an overview of the market, including an analysis of the key competitors, was offered. Furthermore, the market entry experts also analyzed end-user application segments such as forming films for syringes, feeding tubes, catheters, gauze, top webs (paper and film), pouches, header bags, films used in the surgical suite for back table covers, drapes and gowns, and IV pouches and over-wrap films trays for kits and suites.

The primary objective of this market opportunity study was to offer the client market potential assessment by sub-segments by analyzing the current size, CAGR, and market share assessment. Additionally, we also analyzed current gaps in the market and segments that are not served by existing vendors i.e. “market gap analysis.”

Infiniti’s market entry strategy support team also spoke to key stakeholders responsible for the sales and distribution of medical packaging films to understand how the market would grow in short and long term and also to validate the industry’s size and market opportunity study developed for this segment.

Why Infiniti Research is the preferred partner for more than 55 Fortune 500 Companies

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Solution offered and Business Impact

By assessing a wide array of published literature to develop an initial hypothesis, this market opportunity study offered the global manufacturer a market size assessment and share assessment by percentage and revenues for each competitor. Additionally, it also helped the business understand the market’s structure, price caps, regulatory compliances and their impact on product prices, and reimbursement figures for medical products across target regions.

In just five weeks, our market opportunity study helped the global manufacturer of plastic packaging and protection products understand the scope for their product’s marketability across regions such as the Americas, Europe, and Asia.

To assess the challenges specific to the medical packaging sector, Infiniti’s healthcare analysts have developed a comprehensive proprietary database consisting of information on more than two million industry experts, physicians, doctors,  key opinion leaders, payers, medical technicians, end-users, and patients.

What do the Clients Appreciate About our Approach?

In a relatively short period of time, just five weeks, the client – a global manufacturer of plastic packaging and protection products for healthcare, household, food, and industrial applications –  saw numerous benefits from our relationship. The benefit was not only in terms of understanding their products’ marketability across target regions but was also in terms of the experience we were staging for decision makers by exposing them to a new way of problem-solving.

Here are some of the key points appreciated by our clients

 

  • Dedicated Market Intelligence Portal. A centralized platform for the collection, storing, processing, reporting, and dissemination of information with the specific purpose of assisting the decision-making process and developing actionable insights. This portal includes comprehensive information on quantitative and qualitative aspects on target markets, competitors and end-users.
  • Collaborative learning. We leveraged experience of our healthcare team and our technical capabilities to enable report-sharing and other collaborative features appreciated by client teams.
  • Database Access. Access to a patient database containing information about 60+ medical diseases and conditions, such as patient undergoing treatment, untreated patients, and patients with chronic conditions.
  • Interactive Dashboard. Using our Portal based solution for healthcare professionals, we took a design-first approach to problem-solving and helped break through previously held assertions.
  • Value for Money. Infiniti’s dedicated client management team customizes reports to suit business requirements and offers the best insights for every dollar spent.

 

A must-read market opportunity study for strategy experts and decision makers looking for effective market entry strategy support for medical packaging films.

 

Request your free proposal now

 

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Medical Films Packaging

Market Opportunity Study for the Surgical Disposables Segment

Getting insights into the current market scenario, analyzing the marketability of products, and identification of potential customers are key to understanding the marketability of products.

 

With the increasing affluence of the global population, most people have started caring more about their health issues than problems such as famine or hunger. Even today, many people across the globe die because of contagious diseases or infectious diseases. Can you imagine what the result will be if someone who is undergoing surgery iscapture accidentally infected with other diseases through equipment such as a blood transfusion set or bags used for blood collection? The repercussions of such instances of carelessness would be huge for hospitals using such contaminated equipment. Consequently, while providing services to raise the utilization of healthcare facilities, it becomes essential for healthcare providers to take the patient’s health and safety into consideration and enhance the utilization of surgical disposables. By doing this, instances of unnecessary death rates can be prevented and a high living standard can be assured, which subsequently will prompt the use of surgical disposables.

Since the past decade, the global market space for surgical disposables has been witnessing profound growth and has consequently resulted in the influx of products such as latex gloves, disposable syringes, and infusion or transfusion sets, including needles, catheters, and infusion bags. At Infiniti, our “market entry strategy support” team understands that due to this market’s competitive nature, suppliers are finding it difficult to develop effective strategies for market entry. The competitive nature of this industry also makes it difficult for manufacturers and strategy experts to understand the market’s competitive dynamics to estimate the marketability of their products across target regions.

The Business Challenge

With a keen eye on exploring future growth opportunities and understanding the market size for surgical disposables, the client – a global manufacturer of plastic packaging and protection products for household, food, healthcare, and industrial applications – was looking for effective market entry strategy support for its products across South America. To meet the client’s specific business requirements, industry experts carried out an in-depth market opportunity study to assess current and projected market size and demand trends for disposable surgical gowns, drapes, and back table covers across target regions.

The scope of this in-depth market opportunity study was to offer the client insights into the market today, and it’scapture2 potential moving forward. Most companies operating in this market space believe that, in regions such as South America, the current hospital infrastructure is affecting the hesitancy to move towards disposables. However, a key to understanding the extent of how large investments in healthcare laundry is affecting this uncertainty is to gain an understanding of the reimbursements offered to hospitals.

Additionally, Infiniti’s market entry strategy support team tracked recent developments and innovations in the market through secondary journals and reached out to relevant stakeholders, including industry experts, KOLs, product users, and procurement experts to understand their views on the market landscape. Our research team also spoke to stakeholders responsible for the sales and distribution of surgical disposables to understand how the market would grow in the near future to validate the market size and opportunity model developed for this segment.

Why Infiniti Research is the preferred partner for more than 55 Fortune 500 Companies

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Solution Offered and Business Impact

Based on the nature of this engagement, market entry specialists, who have considerable experience in medical devices and healthcare segments, carried out this project through a combination of research methods aimed at the accurate assimilation of market information followed by data validation and tabulation. The research methodology also encompassed an analysis of proprietary and other secondary sources such as paid industry databases, annual reports, media platforms, news aggregators, and industry forums to develop initial market hypotheses and identify key stakeholders. The market opportunity engagement also offered the client insights into medical practitioners, surgeons, hospital staff, industry experts, and key market stakeholders.

In just eight weeks, the client – a global manufacturer of plastic packaging and protection products for healthcare, and industrial applications – was able to gain a better understanding of how the current healthcare infrastructure in regions such as South America will affect the marketability of their products in the market today and its potential going forward. We also offered the global manufacturer insights into the market’s data, including but not limited to hospitals/clinics/office, procedures per year, breakdowns on procedure types, and an understanding of how to effectively access the market for disposable gowns.

To assess challenges specific to the surgical disposables market space, Infiniti’s healthcare analysts have developed an extensive proprietary database consisting of information on more than two million industry experts, doctors, physicians, key opinion leaders, medical technicians, payers, end-users, and patients.

What do the clients appreciate about our approach?

In a relatively short period of time, just eight weeks, the client saw clear benefits from our relationship. The market opportunity service offered by Infiniti’s market entry strategy support team helped the client augment their revenues by offering insights into how reimbursement policies for hospitals will affect the sale of surgical gowns, drapes, and back table covers across target regions.

Here are some of the key points appreciated by our clients

 

  • Dedicated Market Intelligence Portal. A centralized platform for the collection, storing, processing, reporting, and dissemination of information with the specific purpose of assisting the decision-making process and developing actionable insights. This portal includes comprehensive information on quantitative and qualitative aspects on target markets, competitors and end-users.
  • Collaborative learning. We leveraged experience of our healthcare team and our technical capabilities to enable report-sharing and other collaborative features appreciated by client teams.
  • Database Access. Access to a patient database containing information about 60+ medical diseases and conditions, such as a patient undergoing treatment, untreated patients, and patients with chronic conditions.
  • Interactive Dashboard. Using our Portal based solution for healthcare professionals, we took a design-first approach to problem-solving and helped break through previously held assertions.
  • Value for Money. Infiniti’s dedicated client management team customizes reports to suit business requirements and offers the best insights for every dollar spent.

 

A must-read case study for strategy experts and decision makers looking for market entry strategy support.

 

Request your free proposal now

 

 

Related Case Studies

 

Surgical Disposables Segment

Market segmentation

Healthcare Packaging: Emerging Market Trends in EMEA, APAC, and NA

 

Packaging is important on both the functional and aesthetic levels, and will undoubtedly have a major impact on the future of healthcare as a whole. It has the potential to transform the way patients receive and use medication, and improve the quality and appeal of pharmaceutical products. In this blog, we cover some of the major trends in healthcare packaging by region, looking at both specific materials and general strategies.

EMEA

One trend in the EMEA market is the creation of packaging that encourages patient adherence. Getting patients to take their medication and follow a strict dosage schedule can be challenging, which is why healthcare packaging manufacturers are working on ways to make packaging more informative as well as supportive, through more attractive designs and clearer text. Further, some companies are taking the approach of creating special kits or boxes for patients that transform the medication process into something a bit more “fun” and pleasant.

Another related trend that will continue to become more prevalent in the next several years is personalization. Each patient has individual needs and therefore cannot be grouped by an illness category and treated the same as all other patients. The idea behind personalized packaging is to provide flexibility and ensure that the specific patient requirements are met, and, even more importantly, that the patient feels like they are receiving a truly individualized product. Packaging manufacturers are even seeking ways to create “smart,” tech-oriented packaging that would allow patients to directly communicate with their doctors.

APAC

Given that the APAC region is projected to experience the highest growth rate in the healthcare packaging market between 2016 and 2020, there is a great deal of change and innovation occurring. One major market trend is the emergence of flexible plastic packaging as a replacement for rigid plastic. The benefits of flexible plastic are numerous, and flexible plastic packaging allows companies to meet strict health guidelines, save money, and provide packaging that is far more aesthetically pleasing. Additionally, flexible plastic speaks to the growing sustainability concerns in the region.

Directly related to flexible plastic packaging is another key trend: tube packaging. The demand for tube packaging will continue to increase in the region as a result of urbanization and an increase in disposable income. Tube packaging includes squeeze tubes and laminated tubes, both of which are designed with sustainability and convenience in mind. Additionally, tube packaging is known for its excellent barrier properties, which can protect products during transport and help increase their shelf life.

North America

The North American healthcare market, most notably in the United States, is undergoing serious renovation. One major trend in the healthcare packaging market is the use of glass packaging. Glass packaging is beneficial in some ways: it is 100% recyclable, impermeable and has no chemical interaction with its contents, preventing changes in taste, smell, and chemical makeup. While it may be more of an investment when compared with plastic, glass packaging has long term value, and as healthcare facilities improve, the demand for this type of packaging will continue to increase.

Another important trend in this region is the outsourcing of pharmaceutical packaging, also known as contract packaging. Outsourcing is critical, as it reduces time to market and allows manufacturers to focus on in-house responsibilities and necessities. This trend is being fuelled by the reduction in overhead costs and increased flexibility and will continue into 2020. Further, outsourcing is the most effective way to keep up with the growing healthcare sector and the demand for pharmaceutical products; it would be nearly impossible for manufacturers to try to bear such a heavy burden in-house.

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