Rising Demand for Pharmaceutical Secondary Packaging Providers
On an average, around 50 drugs are approved by the US Food and Drug Administration (US FDA) annually. Further, studies indicate that more than 100,000 tons of pharmaceutical products are consumed globally per year.
In addition, over the next five years, the global pharmaceutical market is projected to grow at a CAGR of 4.7%, with global drug sales anticipated to raise revenues worth USD 1.5 trillion in 2023. This continuously growing pipeline of pharmaceutical drug products has inadvertently led to an increase in the demand for their associated primary packaging and Secondary Packaging solutions. Specifically, pharmaceutical secondary packaging is a vital step in the product supply chain as it encloses life-saving drugs and therapies, preserving the identity, quality, integrity and stability of the packaged drug product. It also plays a key role in marketing and brand projection for a product.
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