Press release
Rise In FDA Approved Facilities To Drive Demand For Pharmaceutical Contract Manufacturing
According to the report, the global market for pharmaceutical contract manufacturing is projected to witness a 7% CAGR from 2016 to 2020. The global market for pharmaceutical contract manufacturing is likely to have an optimistic outlook in the coming years owing to the rising number of manufacturing facilities approved by the U.S. FDA. During the time of choosing a partner for the purpose of outsourcing, the pharmaceutical companies search for the plants which have been approved by the U.S. FDA along with low operating cost and a skilled workforce. For instance, India has above 100 US FDA permitted manufacturing units and is also one of the most preferred locations for outsourcing manufacturing services. Furthermore, the execution of WTO TRIPS-mandated product patents has directed to an increase in outsourcing in the mature markets.
The technological advancements and innovations in vaccinations and medical sciences coupled with developments in stem cell research and nanotechnology, are aiding in the expansion of pharmaceutical product ranges, thus including drugs with a short shelf life. This, in turn, is triggering the manufacturing and distribution process. Various pharmaceutical companies such as GSK, Johnson & Johnson, and Pfizer CentreOne are investing on research and development projects in order to introduce new and innovative medicines for several different diseases.
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Based on type, the global pharmaceutical contract manufacturing market has been segmented into final dosage form and API/bulk drug manufacturing. In 2015, the segment of API/bulk drug manufacturing dominated the market and is anticipated to retain a leading position until 2020. One of the chief factors fueling this segment’s growth is the upsurge in the number of drug approvals. In terms of geography, the global pharmaceutical contract manufacturing market is classified into Asia Pacific, the Americas, and Europe and the Middle East and Africa. The Americas generated the maximum revenue and is expected to do the same over the coming years owing to the rising demand for generics and initiatives taken up by governments. Some of the key players in the market are Catalent, Lonza, Pfizer CentreOne, Apotex, Gedeon Richter, and Biogen.
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