Global Pharmaceutical Chemicals: Essential Components of in Modern Medicine
Rise of Generic Drugs Market
The generic drugs market has seen tremendous growth over the past decade. As many blockbuster drugs have lost patent protection, generic versions of these drugs have emerged as cheaper alternatives. This has enabled more people worldwide to access life-saving medications. Rising healthcare costs and the need for more affordable treatments continue to drive the demand for generic drugs globally. Pharmaceutical chemicals manufacturers have increased their focus on APIs and intermediates used in generic drugs formulation.
Increased Outsourcing of Drug Manufacturing
Global Pharmaceutical Chemicals Pharma companies are outsourcing more drug manufacturing tasks such as APIs synthesis to contract manufacturing organizations (CMOs) and contract development and manufacturing organizations (CDMOs). This has significantly boosted demand for high-quality from such outsourcing partners. Additionally, stricter regulations and complex manufacturing processes require specialized expertise that is not always available in-house. By outsourcing non-core activities, drug makers can focus on drug development while ensuring consistent supply of medicines. Chemicals suppliers have ramped up production capacities to address the growing requirement from CMOs/CDMOs.
Rise of Biologics and Biosimilars
As many blockbuster biologics go off-patent, biosimilars are emerging as a major new growth area. Being large molecules, biologics require specialized cell-culture and fermentation techniques for production. This relies heavily on cell-culture media, buffers, feedstocks and other bioprocessing chemicals. With more biosimilars in development and approvals, demand for associated bio manufacturing chemicals and consumables is projected to increase substantially. Countries like China and India are aggressively expanding biosimilars manufacturing capacities which will further fuel the global bioprocessing chemicals opportunity.
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