Contract Packaging Sector Expected to See Significant Expansion in 2024

The pharmaceutical services landscape in 2024 looks promising, with an overwhelming 94% of industry professionals showing optimism about growth in contract packaging. This sentiment is split between those who are 'moderately positive' (37%) and 'highly positive' (37%). These findings come just before Pharmapack Europe 2024, set for January 24-25 at the Paris Expo, Porte de Versailles (Hall 7.2). The event anticipates over 5,000 participants and 370 exhibitors, highlighting its role as a key indicator of future trends in drug delivery and packaging sectors. The optimism noted surpasses the high expectations recorded in the previous year, pointing to a robust recovery and innovation within pharmaceutical research and development.

 

Aurelio Arias from IQVIA shared insights on the rising optimism for contract packaging. He points to the launch of more specialized and biologic medicines as a key driver, necessitating advanced packaging solutions for market distinction. Additionally, 2024 is expected to see significant legislative initiatives aimed at bolstering supply chain resilience, such as the EU Critical Medicines Act and WHO's draft pandemic agreement. These measures, aimed at ensuring supply diversity and tracking, are likely to spur demand for comprehensive packaging services. Arias believes these developments signal a strong year of growth for the sector.

 

The comprehensive results of the survey and the impactful Pharmapack Sustainability Index will be accessible in the Pharmapack Annual Report on CPHI Online. This index evaluates countries based on their progress in reducing plastic use, minimizing waste, and enhancing device recycling efforts. In 2024, the index showed significant improvement, hitting an all-time high after experiencing slight declines during the pandemic years of 2020 to 2022. With an 8.6% increase compared to the previous year, it's clear the industry has shifted its focus back to sustainability goals similar to those before the pandemic. The report suggests that companies focusing on sustainable innovations are likely to see an increase in future revenues, a trend that is expected to continue with further improvements in the Sustainability Index predicted for the next few years. Remarkably, all countries, with the exception of India, saw improvements in their 2024 scores, with China making a dramatic 50% leap from a lower starting point, especially when compared to Europe's frontrunners in sustainability.

 

Laura Indriksone, the Brand Manager at Pharmapack Europe, highlights the positive momentum across drug delivery and packaging sectors, with a particular emphasis on green technology as a burgeoning trend. She notes that this shift is reflected in the sustainability index, where innovative packaging and device solutions are opening up new revenue avenues for pioneers in the field. 

 

Indriksone also points out that the event's agenda aligns closely with these findings, featuring 25 sessions over two days. This includes a panel specifically dedicated to discussing the key considerations for partnerships with Contract Packaging Organisations, underscoring the event's commitment to promoting sustainable practices within the industry.