Pharmaceutical Manufacturing Industry Trends to Look Out for in 2018
Healthcare spending is estimated to increase 5.5% annually, hitting $5.7 trillion by 2026. What’s more, prescription drug spending is expected to rise 6.3% per year over the next decade. One thing is for sure: the pharmaceutical industry is booming. This rapid growth is a tough pill to swallow for pharmaceutical manufacturers who have to worry about technology, processes and resource planning in order to keep up with the demand. Here’s some of the key trends to stay on top of to keep up with the ever-growing pharmaceutical manufacturing industry.
1. Greater Need for Continuous Processing
More and more pharmaceutical companies are moving towards single-system manufacturing processes. Why? Because they help increase efficiencies, improve product quality and even alleviate extra costs. In fact, the U.S. Food and Drug Administration (FDA) is encouraging the adoption of continuous manufacturing, claiming it allows for a “faster, more efficient process.” As long as the pharmaceutical processing equipment can support this change, adopting such processes can help pharmaceutical companies maintain product quality despite dips in employee resources, and address causes of drug shortages.
2. Big Data and Cloud Technologies
The terms “big data” and “cloud technologies” are nothing new. In fact, they’re talked about regularly since better data and technologies help mitigate risk and increase end-to-end visibility across supply chains. Expect pharmaceutical companies to get in on the action to leverage better data technology and test supply chain automation tools to improve processes and drug development. In the future, there may be additional integration with the pharmaceutical manufacturing equipment itself.
By the end of this year, the first phase of the Drug Supply Chain Security Act (DSCSA) will go into effect, requiring pharmaceutical companies to have systems in place to identify and track prescription drugs throughout the supply chain. This is forcing pharmaceutical brands to refine their serialization process and find new, innovative ways to collect and analyze their data in order to improve their monitoring of drugs through the supply chain.
4. The Rise of Generic Drugs
Many drugs have lost their patents over the last 10 years, opening the door to a flood of generic drugs and biosimilars. Since new drugs oftentimes require completely different manufacturing and processing equipment and packaging, many companies are investing in used pharmaceutical equipment that is cost-effective and still provides the high quality needed for drug production. These companies rely on used pharmaceutical equipment suppliers who understand the industry and can provide customized equipment and meet urgent needs in the case of equipment failure.
Helping Pharmaceutical Manufacturers Thrive in a Competitive Industry
Are you looking for pharmaceutical manufacturing equipment that can help you stay in the drug production game? At Zwirner Equipment, we provide and deliver the highest quality of new and used pharmaceutical equipment, machinery, engineering, parts and services. Learn more about our dedication to customer service, or request a quote online today.
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