LONDON–Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Pharmaceutical Formulations Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the pharma and healthcare industry. This report breaks down the data and analysis behind the procurement of pharmaceutical formulations and acts as an all-inclusive guide for making smart purchasing decisions.
“The growth of the global pharmaceutical formulations market can be attributed to the demand for specialized and novel formulation approaches with the shortest TAT,” says SpendEdge procurement analyst A Kowshik. “Also, the demand for pediatric formulations along with formulations that possess enhanced bioavailability is expected to increase over the forecast period, fueling the growth of this market,” added Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Pharmaceutical Formulations Market:
- The increase in adoption of novel technologies
- The rise in reformulations
- Rise in topical drug formulations
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The increase in adoption of novel technologies:
The growth of the pharmaceutical formulations market can be attributed to the introduction of nanotechnology approaches for improving formulations. The incorporation of innovative technologies helps in cutting down costs as well as reduces the time to market. Also, the use of injectors assists in improving patient acceptance by providing a simple method of product preparation.
The rise in reformulations:
There is an increase in reformulations in this market, as they yield a better ROI. Moreover, reformulations help in reducing dose frequency, enhancing bioavailability, and enhancing the patient experience. Also, reformulations help in strengthening brand image when implemented for extending product line.
The rise in topical drug formulations:
The pharmaceutical formulations market is experiencing an increase in the development of topical drug formulations. This can be attributed to factors such as ease in usage application for patients and improved safety profile. Topical drugs offer a safe and non-oral route for delivering complex chemicals, ensuring ease of acceptance and usage for patients.
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