The pharmaceutical industry recorded $800 million in sales in 2020 and is expected to grow at a compound annual growth rate of 7.6% through 2026, according to Pharmaceutical manufacturing trends are shaping the futurea white paper published in March 2022 by PMMI Business Intelligence, a division of PMMI, The Association for Packaging and Processing Technologies.
The pharmaceutical industry must keep pace with changing product formats and production preferences. The shift to higher value-added injectables and custom series is driving increased reliance on subcontractors while pushing manufacturers toward more automated production lines.
Meanwhile, the pace of digitization is accelerating to meet DSCSA requirements, address cybersecurity concerns, gain operational visibility and support blockchain product tracking, according to an accompanying infographic. Pharmaceutical manufacturing, the future ahead of us.
The white paper and infographic also note that manufacturers must adapt to the continued growth of direct-to-consumer e-commerce channels and consumer preferences for sustainable practices. To achieve sustainability goals, 67% of pharmaceutical manufacturers are making packaging lighter, 53% are increasing post-consumer recycled content, 47% are looking for more energy-efficient equipment, and 40% are changing packaging formats.
Supply chain challenges have created shortages and delivery delays in packaging materials, raw materials, equipment and parts. These delays and shortages have delayed both product launches and operational improvements. As a result, pharmaceutical manufacturers are seeking closer collaboration and cooperation with OEMs and suppliers of packaging and raw materials. To achieve this goal, pharmaceutical manufacturers want OEMs and suppliers to provide after-sales service/support, integrate new machines, improve equipment accuracy and reliability, simplify changeover, maximize flexibility of machine, deliver parts quickly, and support concept models for equipment visualization, as well as installation qualification and operational qualification.
In this dynamic market, International EXPO PACKAGE (October 23-26, 2022; McCormick Place, Chicago) will provide ample opportunities to see packaging and processing innovations for pharmaceuticals, biologics, nutraceuticals, and medical devices, particularly in targeted industries pavilion of health care packaging in the west room. With more than 160 exhibitors, the 90,000 square foot Healthcare Packaging Pavilion offers a life science packaging show within the show. Additionally, cross solutions abound at PACK EXPO International, with more than 2,000 total exhibitors from more than 40 industry verticals and over 1.2 million net square feet of exhibit space.
It’s more important than ever for the packaging and processing industries to come together to share their ideas and innovations, and the best place to do that is PACK EXPO International, the world’s largest packaging and processing trade show. most comprehensive in the world in 2022. From connecting with colleagues and hearing from experts to seeing new technologies, materials and machinery in action, PACK EXPO International is the best and most efficient way to discover packaging solutions and processing for more than 40 vertical markets. No other event this year will feature complete production line solutions and provide attendees with everything they need to compete in a changing market.
Register before September 30 for only $30 and receive your badge in the mail for immediate access to the show. For more information and to register, visit packexpointernational.com.