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Contract Packaging Set for High Growth in 2024
According to the Pharmapack Europe 2024 survey results, contract packaging will see growth over the coming 12 months.
Pharmapack Europe 2024 survey results have been released just prior to the event kicking off in France—the event will take place between Jan. 24 and 25 in the Paris Expo—revealing general consensus on growth for contract packaging. The results, which were announced in a Jan. 11, 2024 press release, show a slight improvement on those from 2023, with 94% of respondents feeling “highly positive” or “moderately positive” about growth prospects for the coming 12 months.
“2024 will see an increasing number of manufacturers launching specialty and biologic medicines, all requiring specialist packaging solutions to help them differentiate their offerings,” said Aurelio Arias, director, Thought Leadership at IQVIA, in the press release. “Moreover, this year it will be recognized that policy solutions are required to increase resilience, including an [European Union] Critical Medicines Act and the [World Health Organization’s] draft pandemic accord. The crucial point is that these changes to legislation seek to track supply and incentivise diversity of supply, which will necessitate greater packaging services to meet this increased demand. So, I concur that 2024 is likely to be a good growth year for the industry.”
The full survey results will be published in the Pharmapack Annual report along with the Sustainability Index, which has improved significantly in 2024 rising by 8.6%, indicating that the industry has shifted its focus back to sustainability as was the priority prior to the COVID-19 pandemic. Additionally, the report expects that those companies investing in greener innovations will experience higher revenue streams.
“All across drug delivery and packaging, we are seeing positive signs and an increased desire to do business, with green technology standing out as a notable trend,” Laura Indriksone, brand manager at Pharmapack Europe, in the press release. “This is shown by our sustainability index, with newer device and packaging innovations helping deliver increased revenue opportunities for early movers.”
Full survey results and the Sustainability Index will be published in the Pharmapack Annual Report during the 2024 event and on CPHI Online.
Source: Pharmapack Europe
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