Contract Packaging, General, Innovation, Preformed Pouches, Sustainable Packaging / October 1, 2018
Every year, hundreds of prescription drugs are approved by the FDA to go to market, and those new drugs can be protected by numerous patents—keeping the manufacturing and profitability internal to the company owning those patents. While these new medicines are launched, dozens of other drugs’ patents expire each year, potentially spelling pharmaceutical profit losses in the tens of billions (estimates approach $60B within the next few years). But for the manufacturers of generic medications that now have access to these drug formulas, it’s a huge opportunity—and a source of growth for the packaging industry.
Big pharmaceutical companies call these expirations the “patent cliff,” but the result in the marketplace—especially with popular, and previously expensive drugs—is a flood of affordable pharmaceuticals at newly competitive prices. To compensate, newly-approved drugs and corporate acquisitions aim to refill the revenue pipeline as fresh patents are secured.
The ups and downs of the prescription drug industry present several opportunities in packaging:
Ongoing packaging innovation, capabilities, and sustainability contribute to the demand for new solutions in packaging that serve the product, manufacturer, and end user effectively. Volatility in any market can increase periodic demand for fresh packaging solutions.
To discuss packaging solutions for your industry, give us a call or contact us!
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