Technology to Shape Global Pharmaceutical Packaging
Wednesday, March 11, 2015
Source: Smart Brief
Newer technologies will help pharmaceutical companies differentiate from competition and reduce overall packaging costs, a new study by research firm Frost & Sullivan shows.
While the United States, the European Union, and Japan account for more than 65-70 percent of the global market for pharmaceutical packaging, the research firm forecasts China, Brazil and India to rapidly evolve into key markets for growth and spending.
“Ready-for-use prototypes are expected to make waves in the pharmaceutical packaging industry,” said Frost & Sullivan Healthcare Industry Manager Dr. Siddharth Dutta. “Drug manufacturers can switch from existing packaging forms to more innovative designs without spending too much money on R&D.”
The research firm noted that in the face of declining R&D, the introduction of smart tag like “prooftag” from Electronic Tag Solutions is expected to alter the drug packaging landscape. Outsourcing is also seen as a strategic competitive weapon by the industry.