White paper and infographic highlight key trends and industry growth
The pharmaceutical industry registered $800 million in sales in 2020 and is forecast to grow at a 7.6% compound annual growth rate through 2026, according to Pharmaceutical Manufacturing Trends Shaping the Future, a 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 toward higher-value injectables and customized runs is driving the expanded use of contractors, while also pushing manufacturers toward more automated production lines.
Meanwhile, the pace of digitization is accelerating to meet DSCSA requirements, address cybersecurity concerns, achieve operational visibility, and support blockchain product tracking, according to an accompanying infographic, Pharmaceutical Manufacturing, The Future Ahead.
The white paper and infographic also note manufacturers must adjust to steady growth in direct-to-consumer e-commerce channels and consumer preferences for sustainable practices. To meet sustainability objectives, 67% of pharmaceutical manufacturers are lightweighting packaging, 53% are increasing post-consumer recycled content, 47% are seeking 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 postponed 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 offer aftermarket service/support, integrate new machines, enhance equipment accuracy and reliability, simplify changeover, maximize machine flexibility, deliver parts quickly, and provide support for concept models to visualize equipment, as well as for installation qualification and operational qualification.
In this dynamic marketplace, PACK EXPO International (Oct. 23-26, 2022; McCormick Place, Chicago) will provide many opportunities to see packaging and processing innovations for pharmaceuticals, biologics, nutraceuticals, and medical devices, particularly in the targeted Healthcare Packaging Pavilion in the West Hall. With more than 160 exhibitors, the 90,000-square-foot Healthcare Packaging Pavilion provides a life sciences packaging show within the show. In addition, cross-over solutions abound at PACK EXPO International with over 2,000 total exhibitors from 40+ vertical industry markets over 1.2 million net square feet of exhibit space.
It is more important than ever that the packaging and processing industries come together to share insights and innovations, and the best place to do that is PACK EXPO International—the most comprehensive packaging and processing show 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 most efficient and effective way to discover packaging and processing solutions for over 40 vertical markets. No other event this year will showcase entire production line solutions and offer attendees everything needed to compete in a changing marketplace.
Register by September 30 for just $30 and get your badge in the mail for immediate access to the show. For more information and to register, visit packexpointernational.com.