by Trends in Pharmaceuticals and Medical Device Manufacturing
While they are in different industries, pharmaceutical and medical device companies often face a surprisingly similar array of challenges and market realities. Companies in both industries are actively addressing new government regulations often resulting in new equipment purchases. Simultaneously, both industries are under increasing pressure to produce more at lower costs while not sacrificing quality. In addition, rapid growth can be seen in the pharmaceutical and medical device industries in emerging markets, particularly the Asia-Pacific region. As a result of the rise in global demand for medicines and devices, and as generic drugs gain more share, two of three companies participating in the report referenced in the creation of this article predict spending more on capital equipment in the next few years.
The United States remains the largest market for pharmaceuticals and medical devices. Branded and specialty drugs and innovative medical devices will likely drive spending growth in the developed markets, while an overall increase in the use of pharmaceuticals and medical devices will likely spur growth in emerging markets.
Driving Growth in Developed Markets
- Increase in list price for branded drugs
- Growth in mobile medical devices
- New drug approvals
- 41 New Molecular Entities (NMEs) approved by FDA; more expected through 2020
- More insured patients in the U.S. market
- Aging population
- Lengthening life expectancy
- Rise in chronic diseases
- Japan is growing the slowest due to declining population
Driving Growth in Emerging Markets
- Overall increase in the use of pharmaceuticals (largely generics) and medical devices
- Rising middle class
- Aging population
- Nationalized health care (China specifically)
As technology evolves, the pharmaceutical and medical devices industries continue to seek innovative ways to improve their products and packaging:
- Individualized drug therapy formats
- Dosages and formats that are easy to self-administer
- Targeted delivery of drugs to a specific body part
- Extending the shelf life of medicines
- Controlled release drugs
- Specialty packaging to aid patient compliance
Browse a selection of our customized applications for the medical manufacturing industry. Our engineers are standing by to assist you in designing a custom application to meet your needs. The full report from PMMI is available here: https://www.automationworld.com/article/topics/industrial-internet-things/industrial-internet-things-drives-pharma-line-integration
