LONDON--(BUSINESS WIRE)--The global anti-counterfeit packaging market in the pharmaceutical industry is expected to grow at a CAGR of more than 21% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global anti-counterfeit packaging market in the pharmaceutical industry for 2017-2021. The market is segmented based on technology (covert and overt) and types of drug (OTC and prescription based drugs).
The demand for anti-counterfeit packaging in the pharmaceutical industry is increasing. With a growing initiative by technology vendors in the market, the pharmaceutical companies have an opportunity to fight against counterfeit issues. For instance, in 2016, Applied DNA Sciences, a security and authentication solutions provider, introduced SigNature DNA Molecular taggant for the pharmaceutical supply chain.
Technavio’s transportation and logistics research analysts categorize the global anti-counterfeit packaging market in the pharmaceutical industry into the following segments by regions:
- Americas
- APAC
- EMEA
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Americas: largest anti-counterfeit packaging market in pharmaceutical industry
“The counterfeit drugs are less expensive than the genuine drugs. With a rise in the disposable income, consumers will tend to purchase better quality products at higher prices, leading to growth in the anti-counterfeit packaging in the pharmaceutical industry in the Americas,” says Shakti Jhakar, a lead analyst at Technavio for research on packaging.
The FDA uses electronic Drug Registration and Listing System (eDRLS) to maintain the database for foreign and domestic drug manufacturers that are registered with the FDA to sell their medicines in the US market. Moreover, most of the drugs for the US market are manufactured overseas. So, FDA globally inspects drug manufacturing facilities to ensure the safety of drugs for the US market. The number of foreign inspections by the FDA has increased during the period 2010 and 2015.
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Anti-counterfeit packaging market in pharmaceutical industry in APAC
“The anti-counterfeit packaging in the pharmaceutical industry in APAC is growing because the global pharmaceutical companies are expanding their facilities in this region. For instance, in 2016, Clariant, a global chemical company, has set up its production for healthcare packaging business in Tamil Nadu, India, to bring packaging and anti-counterfeit solutions for the pharmaceutical industry in India,” adds Shakti.
Moreover, research-based pharmaceutical organizations are collaborating to combat the counterfeiting of medicines. For instance, in 2012, Japan Pharmaceutical Manufacturers Association (JPMA) focused on the efforts to reduce the sale of illegal medicines online with the help of several associations like International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) and Pharmaceutical Research and Manufacturers of America (PhRMA).
Anti-counterfeit packaging market in pharmaceutical industry in EMEA
The global anti-counterfeit packaging market in the pharmaceutical industry in EMEA is growing because of collaborations between the companies to focus on technology related packaging solutions for the pharmaceutical industry. For instance, in March 2017, Systech, a global technology leader, and INVIXO, an international consulting group, collaborated to offer track and trace solutions for the pharmaceutical industry in Europe.
Moreover, with the government encouraging the use of genuine medicines, the anti-counterfeit packaging in the pharmaceutical industry in EMEA is positively impacted. For instance, in May 2017, the Ministry of Health and Prevention (MOHAP), in the UAE, organized an international conference on combating medicinal products counterfeiting.
The top vendors in the global anti-counterfeit packaging market in the pharmaceutical industry highlighted in the report are:
- 3M
- Avery Dennison
- CCL Industries
- DuPont
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