Industry Trend Analysis in the Pharma Secondary Packaging Market
The growing rate of the aging population with significant unmet needs is creating a high demand for pharma manufacturing companies. However, pharma manufacturing companies are also facing headwinds from unattractive pricing and volume expansion across all regions, growing size and bargaining power of payers, the emerging biological patent cliff, and the growing competitive pressure. Amidst these challenges pharmaceutical manufacturers are seeking to reduce operational costs and streamline cycle time within R&D. Below, our pharma industry experts have listed out some key strategies that pharma manufacturing companies can use to gain efficiency and enhance their R&D process.
Outsourcing at least a small part of research and development processes to emerging markets and low-cost centers can help pharma manufacturers to considerably reduce their overall costs. Companies in the pharma sector can take inspiration from other significant industries to relocate certain operations to areas where labor costs are cheaper. However, some pharma manufacturing companies are often skeptical about outsourcing R&D as it carries a heavy risk. This is one of the prime reasons why experts suggest shifting only non-core activities to low-cost centers.
Business process management
Companies in pharma manufacturing can gain increased efficiency by relying on business process management. Redundancies in processes can be reduced through automation and optimization. This can also help pharma manufacturers reduce their time to market and enable regulatory compliance with R&D phase of a new drug such as simplifying clinical trial processes, minimizing errors, and creating a collaborative research environment.
Eliminate ‘non-value adding’ activities
This is also often termed as lean process improvement. This method has proven effective for increasing efficiency and reducing operating costs for companies across various industries. Lean techniques can help pharma manufacturing companies to improve workplace efficiency within laboratories, while the focus on eliminating unnecessary steps can help speed up certain processes to reduce cycle time.
This is not a strictly process improvement technique, but an external strategic alliance can help pharmaceuticals manufacturing companies to streamline and improve operations that one company operating in isolation may not succeed in doing.
Internet of things (IoT) has the power to revolutionize pharmaceutical manufacturing in everything ranging from drug discovery to remote patient access and monitoring. Top pharma companies around the globe are increasingly adopting IoT technologies in their manufacturing plants in an effort to achieve optimization and improve process efficiency. Earlier, different data formats for different processes in a pharmaceutical manufacturing plant made data access and interpretation a significant challenge for effective communication. IoT technologies enable standardization within a pharmaceutical manufacturing plant by effectively connecting network, equipment, and systems across the plant. Furthermore, Pharma companies can also use IoT technologies to gain access to real-time data and visibility of operations through the entire manufacturing process. Here’s a detailed look on how IoT will transform pharmaceutical manufacturing.
IoT in Pharmaceutical Manufacturing
Industrial mechanics and maintenance
Although the use of industrial monitoring devices are already widespread in the pharmaceutical industry, real-time status information is yet to be widely available. Using pharma IoT monitoring sensors companies can instantaneously feed all relevant facility data into a single dashboard, alerting a supervisor in case of any abnormal conditions or urgent maintenance requirements. IoT in pharmaceutical manufacturing will also enable handling critical conditions remotely.
Managing pharma supply chain
Once the drugs leave the manufacturing plant, they travel through different modes of transport and may be subject to varying temperatures and weather conditions. Although in most cases care is undertaken to maintain the packages within the prescribed temperatures, chances of variations during transit cannot be completely ruled out. IoT can be helpful in such situations to provide real-time data to manufacturers every step of the way with improved supply chain visibility. The temperature changes or any damage to the products will be immediately notified to the manufacturers and determine whether the drugs are fit to sell or not.
Controlling drug manufacturing environment
In pharmaceutical manufacturing, sub-optimal environmental conditions can often prove to be fatal. However, this obstacle can be easily handled with the help of IoT. Pharma IoT establishes transparency in drug production and storage environment by allowing multiple sensors to monitor environmental indicators such as temperature, humidity, radiation, and light in real-time.
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.
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.
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.
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
European Pharma Packaging Industry Overview
The European pharma packaging industry is expected to witness notable growth in the coming years, owing to increasing R&D, innovations in packaging materials, and substantial growth in the generic drug market. Also, an increase in demand for eco-friendly and sustainable packaging is expected to drive the growth of the pharma packaging industry. Therefore, to succeed in today’s competitive marketplace, companies in the pharma packaging industry need to constantly monitor the market innovations and meet the ever-growing demand of customers.
The client is a pharma packaging company based out of Europe. With the US pharma packaging market witnessing positive gowth, the client wanted to expand their base of operations to North American market. However, the client noted that major companies in the US pharma packaging industry are investing a large amount of their resources and capital in R&D to innovate new products meeting the market demand. Hence, before expanding to North America, the client approached the experts at Infiniti Research to leverage their expertise in offering market trend analysis solution.
With Infiniti’s market trend analysis solution, the client also wanted to tackle challenges such as:
Pharma Packaging Industry Challenge #1
Incorporate safety design – As drugs are used by people of different ages, the client realized the need to focus on creating both child-resistant and senior-friendly design. Also, the client noted that several companies in the pharma packaging industry in the United States have already developed press-to-engage resealable slider bottles beyond traditional bottles. With Infiniti’s market trend analysis solution, the client wanted to identify the safety designs adopted by major market players and make changes in their designs to meet customers’ needs.
Pharma Packaging Industry Challenge #2
Producing sustainable pharma packaging materials – With today’s consumers shifting to a more environmentally conscious mindset, the client wanted to identify the sustainable pharma packaging alternatives adopted by companies in the US pharma packaging industry. Also, the client wanted to identify the smart manufacturing trends in the US pharma packaging industry.
Pharma Packaging Industry Challenge #3
Keep pace with biologics – With biologic medicines gaining popularity in the US healthcare industry, the client realized the need to produce efficient packaging materials for biologic medicines. However, the use of traditional materials such as glass, plastics, and rubber could degrade the biological protein structure. Hence, the client wanted to adopt alternative packaging material. With Infiniti’s market trend analysis solution, the client wanted to identify the packaging alternatives adopted by major pharma packaging industry players for biologic medicines.
To help the client meet the ever-growing demand for pharma packaging materials, the experts at Infiniti Research conducted a thorough qualitative and quantitative pharma packaging market analysis. This helped the client to gain thorough insights into the new market and understand the patient’s needs and requirements related to pharma packaging material.
Also, our solution for marketing scanning and monitoring helped the company in the pharma packaging industry to track regional market developments and keep tabs on market trends and innovations. Furthermore, by leveraging Infiniti’s expertise in offering competitive intelligence solution, the experts helped the client to identify key pharma packaging industry players business strategies and evaluate how well they will stack up against the competition.
With Infiniti’s market trend analysis solution, the client was able to identify trends in safety designs and biologic medical packaging in the US pharma market. Also, the experts helped the client to identify smart manufacturing trends employed by major pharma industry packaging companies. Furthermore, the insights obtained from Infiniti’s market trend analysis helped the client to efficiently invest the company’s capital and resources into lucrative market opportunities. Also, within 3 years of entering the US pharma packaging market, the client was able to enhance ROI by 17%.