LONDON–(BUSINESS WIRE)–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Pharmaceutical Formulation Market – Procurement Intelligence Report.
Suppliers in the pharmaceutical industry are staggering to cater to the mounting pressure from consumers for newer and more innovative drugs to treat chronic ailments. This pressure is compelling a majority of the suppliers to compromise on factors like innovation and quality that define effective and safe drug formulations. Such compromises result in the production of sub-optimal drug formulations that do not only meet the quality criteria but also stand non-compliant to some of the prevalent and crucial regulations. Procuring such compromised products leaves buyers in the pharmaceutical formulation industry with financial losses and tarnished brand reputation.
Request a free sample of this report to know what are the other category management objectives that most buyers are adopting to address the potential pharmaceutical formulation market challenges.
These challenges make it imperative for buyers to focus on their pharmaceutical formulation suppliers selection strategies to engage with suppliers who can add value to their business. Such strategic selection is translating into the spend growth of the pharmaceutical formulation market that is expected to touch a value of over USD 190 billion through 2023. The stress on preventive healthcare will propel the demand for pediatric drugs which will drive the spend momentum of this market. Focus on pharmaceutical reformulations for patent extension and secure continued market exclusivity will also contribute to the demand growth in the pharmaceutical formulation market.
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What are the pharmaceutical formulation price trends that are driving the overall price structure in the global pharmaceutical formulation market?
- Growing stringency of environment-related regulations has resulted in the shut-down of many chemical factories in China which is one of the major manufacturing hubs of raw materials. Consequently, this resulted in a severe supply crunch and a significant rise in raw material prices.
- R&D expense will be a major cost component of suppliers’ OPEX as they continue focusing on drug delivery through inhalation to develop formulations for the treatment of respiratory and chronic obstructive pulmonary diseases. This will have an inflationary impact on the buyer’s procurement spend in the pharmaceutical formulation market.
To identify the best performing procurement strategies and regional and global spend dynamics in the pharmaceutical formulation market, request a free sample of this procurement intelligence report.
What are the scopes of optimizing procurement spend with these upward rising pharmaceutical formulation price trends?
Strategic supplier selection is the key to optimizing procurement spend in the pharmaceutical formulation market. In view of this, this report has enlisted the key pharmaceutical formulation suppliers selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure with the suppliers.
Assess domain expertise and experience of pharmaceutical formulation suppliers
Buyers should engage with suppliers that are proficient in project management, possess supply chain expertise, and have specialized technology tools and systems for meeting varying requirements. This can be assessed by evaluating the parameters such as type of therapeutic areas served, history of successful client projects that have similar requirements, experience in manufacturing different dosage forms, and regional market expertise.
Assess the scalability and flexibility of pharmaceutical formulation suppliers’ delivery mechanism
Prior to engagement with suppliers, it is important to gauge whether they have the financial stability to scale-up as to buyer’s requirements over the next few years. They should ensure that suppliers have a robust supply chain to manage various complexities. Buyers should evaluate suppliers’ dedicated capacity commitments to verify capacity availability based on their development and commercial timelines to ensure that there are no capacity constraints in the future.
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Some of the key topics covered in this report are:
- Pharmaceutical formulation market spend segmentation by region
- Total cost of ownership analysis in the pharmaceutical formulation market
- Regional spend opportunity for pharmaceutical formulation suppliers
- Pharmaceutical formulation suppliers cost structure
- Pharmaceutical formulation suppliers selection criteria
- Pharmaceutical formulation suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the pharmaceutical formulation market
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