94% of the industry are either ‘highly positive’ or ‘moderately positive’ on growth prospects for 2024

Paris: The outlook for pharma services in 2024 is continuing to improve, with 94% of the industry either ‘moderately positive’ (37%) or ‘highly positive’ (37%) on growth for contract packaging in 2024. The new survey results* are announced ahead of this month’s Pharmapack Europe 2024 (January 24/25th) – held at the Paris Expo, Porte de Versailles (Hall 7.2) – where more than 5000 attendees and 370 exhibitors are expected.

The event is widely seen as a window into industry prospects for both drug delivery and packaging companies. The results showed a slight increase on the record scores seen in the 2023 survey, indicative of a continued resurgence in confidence and innovation across pharma R&D.

Aurelio Arias, Director, Thought Leadership at IQVIA, commented on the underlaying reasons he sees behind the shift to a positive contract packaging outlook: “2024 will see an increasing number of manufacturers launching specialty and biologic medicines, all requiring specialist packaging solutions to help them differentiate their offerings. Moreover, this year it will be recognised that policy solutions are required to increase resilience, including an EU Critical Medicines Act and the WHO’s draft pandemic accord. The crucial point is that these changes to legislation seek to track supply and incentivise diversity of supply, which will necessitate greater packaging services to meet this increased demand. So I concur that 2024 is likely to be a good growth year for the industry”.

The full survey findings and influential Pharmapack Sustainability Index will be available on CPHI Online in the Pharmapack Annual report. Pharmapack’s Sustainability Index gauges the perception of each country’s achievements in terms of plastic use, waste reduction and device recycling, and therefore has the most progressed approach to sustainability.

The index has improved markedly in 2024 to reach a new record high after moderate falls during the pandemic years (2020-22). An impressive 8.6% year-on-year increase suggests that the industry’s focus has now returned to pre-pandemic priorities. The report predicts that companies investing in greener innovations are likely to benefit from higher future revenue streams and the trend is expected to persist, with further rises in the Sustainability Index's scores anticipated over the next 2-3 years. In fact, all countries except India improved their scores in 2024 – with China up a massive 50%, though rising from a much lower base compared to the index’s leading European nations.

“We are incredibly excited to be hosting Pharmapack in Paris later this month. All across drug delivery and packaging we are seeing positive signs and an increased desire to do business, with green technology standing out as a notable trend. This is shown by our sustainability index, with newer device and packaging innovations helping deliver increased revenue opportunities for early movers.”

“The report’s findings closely mirror the conference agenda we have developed, which will run on both days with 25 sessions. For example, we have a dedicated panel discussion on partnering considerations before engaging a Contract Packaging Organisation,” commented Laura Indriksone, Brand Manager at Pharmapack Europe.

To stay ahead of trends in 2024, all attendees are encouraged to make use of the planning tools available on the Pharmapack app. The full results of the Pharmapack Report 2024 and Index will be released during the event on CPHI Online. Click here for a full breakdown of conference topics, or more information on the event please visit: www.pharmapackeurope.com/en.