Pharmaceutical Packaging Market Overview
The global pharmaceutical packaging market is expected to witness remarkable growth over the next five years, triggered by increasing R&D, innovations in packaging materials, growth in the generics market, and rising trend of contract packaging. Although these transformations are opening up new opportunities for companies in the pharmaceutical packaging market, companies will also need to overcome certain market challenges and adhere to the medicine packaging standards of the region. However, assessing competition in local markets and developing an effective market entry strategy becomes difficult without the right market intelligence partner. As a result, companies in the pharmaceutical packaging market are now partnering with firms like Infiniti Research to leverage their expertise in offering custom market intelligence solution.
Business Challenge
The client is a pharma packaging company based out of Canada. The client wanted to understand the potential for their pharma packaging product and the competitive landscape in Europe. Additionally, before expanding their operations in the European market, they wanted to gain a better understanding of the prevailing and potential market opportunities in Europe. Also, they wanted to analyze factors, including investment environment, industry development, and competitors’ plans and actions.
Other key objectives the client wanted to achieve by leveraging Infiniti’s market intelligence services were:
Handling and transportation
Accommodating new biologics
Preventing counterfeit products
Pharmaceutical packaging market challenge #1 – Handling and transportation
With Infiniti’s market intelligence solution, the client wanted to understand all the packaging alternatives leveraged by pharma companies in Europe to protect medicines from vibration and shock during the transportation process.
Pharmaceutical packaging market challenge #2 – Accommodating new biologics
With a multitude of new drugs being introduced each day, the client wanted to understand the packaging initiatives undertaken by top pharma companies in Europe to accommodate them. In addition, the client wanted to analyze the demand for silicone-free or low-silicone syringes in Europe.
Pharmaceutical packaging market challenge #3 – Preventing counterfeit products
The rise of counterfeit drugs increased challenges for companies operating in the pharma packaging market. This even compelled the companies in the pharmaceutical packaging market to incorporate scannable codes and hologram stickers to seal the packaging and ensure that genuine products stand out. The client, therefore, wanted to analyze all the risks facing the companies in the European pharmaceutical packaging market.
Solutions Offered
The experts at Infiniti Research conducted a European pharmaceutical packaging market research. This phase of the engagement helped the client to gain a better understanding of the current and future market potential for pharma packaging products in Europe. Based on our insights, the client also gained insights on the market demographics and competitive scenario.
The next phase of the market intelligence engagement involved market opportunity assessment. The insights obtained from Infiniti’s market opportunity assessment helped the client to review potential barriers to market entry and assess markets’ readiness for new offerings. In addition, the client was also able to identify the pharmaceutical packaging trends and alternatives that need to be focused on in the coming years.
Infiniti’s market intelligence engagement also involved risk assessment and competitive intelligence study. The insights obtained from this phase of the market intelligence engagement helped the client to analyze top companies in the European pharmaceutical packaging market and understand their business strategies and plans. Also, the client was able to assess all the industry risks impeding the business growth of pharma packaging companies in Europe.
Results Obtained
With Infiniti’s market intelligence engagement, the client was able to gain comprehensive insights into the European pharmaceutical packaging market landscape. They were also able to analyze factors such as industry development, investment environment, pharmaceutical packaging market size, and market opportunities.
This helped the client to evaluate the market potential for their products in Europe. Also, the client was able to successfully establish their foothold in the European packaging market by devising an efficient go-to-market strategy. Within one year of entering the European market, the client was able to exceed their sales expectation and realize savings of over $3.7 million.
Packaging Challenges in the Pharmaceutical Industry
Conclusion
In conclusion, implementing a Market Intelligence Solution in the pharmaceutical packaging sector significantly enhances strategic decision-making and operational efficiency. By leveraging data analytics and market insights, companies can identify emerging trends, optimize their supply chains, and improve product offerings. This proactive approach not only drives sales growth but also fosters innovation in packaging solutions, ensuring compliance with regulatory standards and meeting consumer demands. As the pharmaceutical packaging market continues to expand, embracing such intelligence solutions will be crucial for companies aiming to maintain a competitive edge and achieve sustainable growth in a rapidly evolving landscape.
