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During the forecast period 2020-2025, The Asia Pacific pharmaceutical contract manufacturing organization market is expected to register a CACR of 9.4 percent.
FREMONT, CA: With the rise in demand for injectable drugs, especially in cancer research, the pharmaceutical contract manufacturing market is estimated to experience an upward trend. Cytotoxics are expected to be the key growth drivers for the injectable dose formulation segment, owing to the vigorous demand for oncology and other high-potency drugs. Compared to other drug formulation types, injectable drugs provide higher returns. Hence, higher ROI, therapeutic efficiency, and rapid onset of action are expected to drive the growth of the injectable formulation segment. A great rate of growth can be expected from the number of promising late-stage clinical compounds in the pipeline for cancer therapy.
The concept of contract manufacturing has steadily evolved and quickly adapted to encompass services, such as formulation development, basic manufacturing of medicinal products, stability studies, and various stages of clinical trials with the advent of multinational pharmaceutical organizations. In the basic manufacturing of medical drugs and products due to resources, such as large manpower, knowledgeable workforce, and WHO-GMP approved production principles, India has a superior advantage over many nations. Scale-up of drug synthesis and late clinical trials have become a profitable protocol in this region, waiver has been granted to the late stage (phase III) studies of certain drugs in India by DTAB (Drug Technical Advisory Board). This motivating step translates into enormous cost savings for pharmaceutical companies, increasing their focus on India.
The COVID-19 pandemic is forecasted to affect India’s pharmaceutical sector as well the impact has already been witnessed to a great extent. For sourcing their drug ingredients or active pharmaceutical ingredients (API), Indian drug manufacturers are dependent on China to a huge extent. On account of the pandemic, the price of key ingredients for the manufacturing of drugs is on the rising.
The cost of key ingredients has gone up by 50-60 percent already according to data available with the Pharmaceutical Export Promotion Council.