Pharmaceutical Manufacturing Market | Manufacturers are now involved in producing drugs that cater to bring relief to COVID-19 patients
The prevalence of chronic diseases and other disorders is increasing rampantly across the globe. Almost more than half of the global populace depends on tablets, drugs, therapies, or other types of treatments to get relief from the disease or disorder they are suffering. The development of medicines for curing even the slightest malfunction in the body is available. Considering all these factors, the global pharmaceutical manufacturing market may gain substantial growth during the forecast period of 2019-2029.
A considerable rise in the geriatric population and the escalating rate of patients diagnosed with diabetes and cancer are increasing the demand for tablets, injectables, capsules, oral liquids, and others. Thus, this aspect may bring exceptional growth opportunities for the pharmaceutical manufacturing market.
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Pharmaceutical Manufacturing Market: Competitive Insights
The players in the pharmaceutical manufacturing market invest heavily in research and development activities as they form the crux of growth. Regulatory approvals also form an important part of the revenue-generation mechanism. A prominent trend among pharmaceutical manufacturers is the growing influence of paperless technology. With the proliferation of technologies like Artificial Intelligence (AI) and the Internet of Things (IoT), a seamless paperless technology-influenced process is being observed in the pharmaceutical manufacturing market.
Cloud computing and storage is also forming an important part of the pharmaceutical manufacturing process to enable a flawless production process in a tightly controlled environment. Staff recruitment to meet the growing demand for pharmaceutical manufacturing is also making the rounds across the market. In this aspect also, digital applications are being used to train the recruiters and make them aware of the various processes involved during the manufacturing process.
Some prominent players in the pharmaceutical manufacturing market are Eli Lilly and Company, Pfizer, Inc., F.Hoffmann-La Roche Ltd., Merck & Co., Inc., Sanofi SA, GlaxoSmithKline plc, Lonza, Johnson & Johnson, and Novartis AG.
Pharmaceutical Manufacturing Market: COVID-19 Impact
A sudden surge is being observed in the pharmaceutical manufacturing market due to the advent of the novel coronavirus pandemic. Manufacturers are now involved in producing drugs that cater to bring relief to COVID-19 patients.
Quick approvals are being given to companies for producing drugs and tablets that help in relieving the symptoms of COVID-19. For instance, BDR Pharma recently received approval from the Drugs Controller General of India (DCGI) to manufacture 400mg Favipiravir tablets for treating COVID-19 patients in India. Such developments bring efficient growth prospects for the pharmaceutical manufacturing market.
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The race for developing a good COVID-19 vaccine is on the cards of every pharmaceutical manufacturing company. Many manufacturing companies are increasing their production capacities to produce vaccines in large numbers and cater to the ubiquitous demand when it will be released for the public. BioNTech SE recently announced that it is buying a manufacturing site with the capacity of producing 750 mn doses/per year of its vaccine, which is still in the trial phase.
However, due to the COVID-19 manufacturing process, non-COVID drugs and medicines are being neglected and can prove as a growth dampener for the pharmaceutical manufacturing market.
Pharmaceutical Manufacturing Market: Regional Prospects
North America will help immensely in keeping the growth engine of the pharmaceutical manufacturing market chugging due to the prevalence of various diseases and disorders among a considerable populace. Well-developed healthcare infrastructure is also a prominent growth generator. Asia Pacific may also garner good growth due to the launch of various government initiatives regarding healthcare.
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