A study conducted by McKinsey & Company states that the Indian
pharmaceutical industry will touch USD 45 billion by 2020 and the market will
be the sixth largest in the world by the same year. The reason for this robust
growth in the pharma sector is being attributed to committed health insurance,
improved healthcare facilities, a growing economy and FDIs. Healthcare in India
contributes to almost 6% of the nation’s GDP.
For the flexible packaging industry the pharmaceutical sector is a
golden opportunity to diversify and innovate. Due to an increase in the health
awareness, increase in product processing units, demand for convenient packaging,
the pharmaceuticals packaging industry is registering strong gains and as the
market grows the demand for flexible packaging in this sector is also expected
to grow.
According to a report (marketsandmarkets.com), edged by a vast
population and favorable demographics Asia-Pacific countries like India, Japan
and China is expected to overtake North America and the European pharma
packaging market by 2018. Other factors like robust pharma market, increased
incentives, investments and initiatives both by the government and FDIs will
help keep the market at an upside.
Flexible packaging presents many advantages to the medicinal industry
like better features and convenience in packaged products. Child resistance,
tamper proof and anti-counterfeit packaging are also some innovations that the
flexible packaging industry has come up with keeping with the worldwide demand.
As with most other packaged products, pharmaceuticals too need a dependable and
innovative packaging solution that is a combination of quality, protection and
convenience.
Over the years, the pharmaceutical companies have let go of glass
packaging and switched to PET bottles for packaging their syrups and other
liquid medications.
As most of the Indian pharmaceutical products are also exported overseas
(US$ 14.6 billion in 2012–13), it is imperative for the flexible packaging
industry to provide packaging that is foolproof and compliant to international
norms. For that the packaging systems need to be advanced.
A rapidly developing pharmaceutical industry in the country and a more
aware and educated consumer has made it mandatory that the packaging structure
also goes through a paradigm shift. Uflex Ltd., India’s largest flexible
packaging solution provider has ensured to keep pace with the times and keep
itself armed with technological innovations to provide affordable and sustainable
packaging solutions. Developments in the pharma sector have pushed the flexible
packaging companies in India to be more competitive, economical and novel.