Innovation at forefront for the Pharmaceutical Packaging Industry

 


Owing to the sensitive nature of pharmaceutical products, the purpose of packaging in this industry often transcends being a tool for branding. Pharmaceutical packaging is also an important tool for information about dosage, the drug being catered, and lastly, retaining the medicine’s shelf life. Such applications make for the need for continuous innovation and improved customer service in this industry.


This domain of packaging is a significant contributor to India’s economy. With the market size of pharmaceutical packaging over 2 Billion dollars in 2017, the industry is expected to cross $3.5 billion in 2023, with a CAGR of 9.3%.


With visible growth in the organized retail sector and eCommerce industry, along with the overall growth in the Indian economy, and lastly, universal healthcare schemes surely signal a positive outlook for the pharmaceutical packaging industry.



Having said that, it is instrumental for industry leaders to come together and spend more resources on the innovation of better packaging solutions. As the number of customers of this space increase, so does the responsibility of pharmaceutical companies and allied industries, when it comes to monitoring dosage as well as providing accurate information to the customers to avoid unwarranted circumstances.


This blog is originally published on meghmani website.

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