From Lab to Medicine Cabinet: Understanding Global Pharmaceutical Chemicals Industry
Growth in the Pharma Industry Drives Demand
The global pharmaceutical chemicals industry has witnessed steady growth over the past few years driven by the increasing demand for medicines across the world. The continuous growth in the pharmaceutical industry and rising healthcare expenditure in developing nations have augmented the need for various raw materials and chemicals used in drug manufacturing. Expanding applications of pharmaceutical chemicals in formulation development, pharmaceutical diagnostics, medical devices manufacturing and clinical research are propelling the industry forward.
API Manufacturing Leads
Active pharmaceutical ingredients (APIs) constitute a major share of the Global Pharmaceutical Chemicals as they form the core component of any drug. API manufacturing involves complex chemical synthesis and requires strict adherence to good manufacturing practices. The booming generics market has significantly contributed to the API business in recent times. Many prominent drug makers outsource APIs owing to challenges in setting up in-house API manufacturing facilities. This outsourcing trend among big pharma players works in favor of API suppliers.
Excipients Gaining Importance
Excipients refer to other ingredients that are used in drug formulations apart from the APIs. They include diluents, binders, lubricants, flavors, preservatives and colors. The excipients market has shown impressive growth driven by rising acceptance of novel drug delivery technologies and increasing utility of excipients in drug development. New excipients are being introduced to address solubility issues, enhance bioavailability and modify drug release profiles. Contract service providers facilitating clinical-scale excipient development are witnessing higher demand.
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