LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Pharmaceutical Excipients Market - Procurement Intelligence Report.
According to the forecasts, the pharmaceutical excipients market is set to expect a category spend growth of over USD 2 billion between 2018-2023. The growing acceptance of biologics and biosimilars will favor the demand growth in the pharmaceutical excipients market to a significant extent. With counterfeit medicines doing the round, pharmaceutical excipients will find their extensive application in identifying counterfeit drugs. This will act as a prominent spend accelerator in the pharmaceutical excipients market. However, difficulty in achieving regulatory compliance will hinder the development of novel excipients which will eschew the growth prospects in the pharmaceutical excipients market. This factor will not only render procurement difficult but will also have an inflationary impact on the pharmaceutical excipients price.
Last year, the US accounted for the largest share of the pharmaceutical market mainly due to the high demand for innovative excipients and the increased need for branded drugs and biologics. The presence of some of the major global suppliers such as BASF, Evonik Industries, Roquette Freres, and Associated British Foods (Wittington Investments Ltd.) in Europe will favor the spend growth in the pharmaceutical excipients market in this region. However, the supply outlook of the region is still experiencing moderate growth as these suppliers are increasing their focus on Asian countries for expanding their operations as labor and resources are available at comparatively lower costs in these countries.
Download the free sample of this pharmaceutical excipients market procurement intelligence report and get insights into procurement strategies that are specific to key regional markets.
Pharmaceutical Excipients Price Trends Overview:
“The pharmaceutical excipients price trends are subjective to factors such as geography and shipping charges, taxes and regulatory mandates, inflation, among others,” says SpendEdge procurement expert Tridib Bora.
Buyers will be challenged with an excess procurement spend with these factors propelling the market price. Volatility in the prices of raw materials such as specialty chemicals, plasticizers, additives, resins, solvents, among others, will act as a prominent factor that will propel buyer’s procurement expenditure in the pharmaceutical excipients market.
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Pharmaceutical Excipients Procurement Strategies to Tackle the Potential Price Rise
It is imperative for buyers to actively identify other avenues where they can optimize and limit any chances of financial losses to compensate for the different areas of spend. On that note, buyers are advised to factor in the extreme susceptibility of pharmaceutical excipients to contamination, which results in severe financial losses. To avoid such a situation, buyers must ensure the incorporation of GDP throughout the supply chain. This enables traceability and assurance in the quality of procured excipients. Some of the areas that the GDP principles focus on are warehousing and storage, repacking and labeling, dispatch, and transportation, contract activities, among others.
Cost concerns do not only hinder your business plans but also affect bottom-line revenues! Get more information from SpendEdge’s experts on supplier selection criteria that will aid you in selecting an appropriate supplier who can advise on your business goals.
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