Drug ingredient trade shows, such as the CPhl Worldwide, have been experiencing a monotony in product offerings.
Contractors Increasing Research in Finished Drugs for COVID-19
Drug ingredient trade shows, such as the CPhl Worldwide, have been experiencing a monotony in product offerings. This monotony is broken with the onset of the COVID-19 (coronavirus) pandemic. Companies in the biotech API manufacturing services market have been given the best of the opportunities in the worst of the times. The unprecedented demand & supply and delays & cancellations of clinical trials for drugs continue to challenge biotech companies. The cessation of manufacturing site visits and growing regulatory audits are creating supply chain issues.
In order to overcome these challenges, companies in the biotech API manufacturing services market are focusing on vaccine development and COVID-19 therapies to gain competitive edge. This will help in new product developments in the stagnant pharmaceutical drug ingredients sector. As such, contractors offering API services and production of finished drugs are at an advantage.
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Government-funded Schemes Keep Economies Running during COVID-19 Pandemic
The biotech API manufacturing services market is one of the most sought-after industry, as a solution to the current COVID-19 pandemic. Pharma companies are increasing efforts to fortify healthcare systems and using serosurveillance to gauge the spread of the infection. However, drug development activities are being challenged with technological, operational, and workforce concerns. This has triggered the need for strategic maneuvering from the apex.
Companies in the biotech API manufacturing services market are increasing their R&D capabilities to innovate in highly effective treatments for COVID-19. However, economic downturns, workforce shortage, and supply chain disruptions are acting as hurdles in drug development. Hence, companies are relying on government-funded schemes and clinical trials for potential drugs and vaccines to keep economies running during the pandemic.
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India Generic API Merchant Industry Creates Lucrative Revenue Opportunities
Even as North America is considered as one of the top healthcare providers worldwide, API manufacturing is a billion-dollar industry in India. The country’s pharmaceutical industry is expanding at a high CAGR, and exports are gaining the attention of companies in the biotech API manufacturing services market. Low-cost skilled manpower and innovative R&D are making India one of the top pharmaceutical markets in the world. Companies in the biotech API manufacturing services market are capitalizing on incremental opportunities in India, owing to the increased domestic and in-house consumption.
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China is emerging as a main competitor for India’s pharmaceutical industry, owing to the former’s dense population. Innovations in branded, generic, and unbranded drugs are contributing to the growth of the market. Manufacturers are increasing their production capabilities in recombinant proteins, vaccines, and monoclonal antibodies. The India generic API merchant sector is expected to pose as a stiff competition to Italy’s healthcare industry. Read more information here:
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Expansion of Production Capacities Boosts Innovations
The expansion of output capacities is a fast growing phenomenon in the biotech API manufacturing services market. For instance, Ajinomoto Bio-Pharma Services has announced the expansion of its small molecule manufacturing facility in Visakhapatnam, India. Dedicated manufacturing equipment are being used by manufacturers to increase production capacities pertaining to high potency ingredients. Renovations of existing laboratories are bolstering the credibility credentials of manufacturers in the biotech API manufacturing services market.
GMP (Good Manufacturing Practice) operating standards and quality systems are helping manufacturers gain global recognition. Sustainability and quality standards are being adhered by manufacturers. Companies are increasing efforts to achieve low cost and high quality small molecule manufacturing. They are taking steps to gain recognition as quality-driven CDMO (Contract Development and Manufacturing Organization).
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