Pharmaceutical contract packaging serves the purpose of containing, protecting, and preserving the products. It’s estimated by the end of 2020, nearly 50 highly prescribed drugs will go off patent in North America, resulting in an increase production within generic drugs. As these markets open up, it will create many opportunities within the pharmaceutical contract packaging industry.
Pharmaceutical Contract Packaging Trends
- The industry for health care and pharma packaging is currently increasing at 5-8% per year.
- In 2019, pharmacy and drug store sales were $296.56 billion.
- In 2016 the contract packaging market was worth $9 billion.