The Association for packaging and processing technologies, examined the latest trends impacting the pharmaceutical market. Global sales in 2016 have reached a record high for pharmaceutical sales at $1.1 Trillion, with North America alone generating $574 billion. The greatest influence on growth in the pharmaceutical industry is general economic development. As more people can afford access to drugs, this will, in turn, drive growth in packaging and packaging equipment for pharmaceuticals
What are the major factors to this growing industry?
- Global medicine use is on pace to reach 5 trillion doses by 2020, which is a 24% increase from 2015.
- Mergers and acquisitions globally have seen double digit growths over the past 3 years, from 371 total mergers in 2013 to 494 this past year.
- With life expectancy increasing individuals age 65 and older will increase by 8.5%, surpassing the number of children under 5 years of age for the first time in human history.
- According to Global Medicines use, over half of the world’s population will be consuming more than one dose, per person per day of medicine by 2020.
With this rapid growth, pharmaceutical manufactures will need to meet expectations and address industry trends; such as compliance to standards, serialization, smaller batch runs and increasing number of SKUs. Product labeling remains a focus to meet compliance requirements and to drive efficiency in the supply chain. Here at Pragmatyxs we can assist and help you stay on top while this industry grows.