The global pharmaceutical contract manufacturing (PCM) market is believed to hold huge opportunities in the future. With economic constraints in European countries, global pharma manufacturing companies are facing extensive cost containment pressures. As a result, pharmaceutical companies are compelled to explore ways to reduce the cost of drug manufacturing.
Thus, a majority of the global drug companies have begun to outsource their manufacturing facilities. Despite the economic pressures faced by pharma companies worldwide, it is expected that the global PCM market will undergo positive growth in the next five years. However, owing to an economic slow-down in European countries, major pharma and biotechnology companies are set to cut down on their spending, resulting in them approaching contract manufacturers across the world.
The global pharmaceutical market is undergoing drastic changes because of factors such as increase in generic market competition, decline in R&D productivity, reduction in patent tenure, and growing government restraints, forcing pharmaceutical and biotechnology companies to reduce drug prices. Moreover, an average drug development process takes ten to fifteen years until the commercialization of such a drug and the cost involved in this process is around USD 1 billion.
With a limited number of blockbuster drugs, it has become necessary for pharmaceutical companies to conduct faster drug development with corresponding cost containment. After the procurement of regulatory approval for the drug, the pharma companies have to meet the short deadlines to deliver the drug in the market in large quantities. This has resulted in outsourcing of manufacturing facilities to PCMs.
Outsourcing of manufacturing activities to PCMs enables pharma companies to focus on its R&D activities and harness the wide service range offered by them. The U.S. is the largest market for PCM followed by Europe. Large scale growth is expected in the Asia-Pacific market owing to development it its industrial infrastructure and increase in the incentives offered by the governments.
The big names in the global PCM market are Althea Technologies. HAUPT Pharma AG, Catalent Pharma Solutions, Jubilant Life Sciences Limited, Dishman Pharmaceuticals and Chemicals Limited, NextPharma, Kemwell Pvt. Ltd., Nipro Corp., and Royal DSM N.V.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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