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(Medical-NewsWire.com, September 14, 2021 ) Market Overview
The demand for outsourcing pharmaceutical formulation development and manufacturing is on the rise for drug developers at all levels. Formulation development is an area of product development that can determine patentability, lifecycle and, ultimately, the success of a pharmaceutical product. Companies integrate formulation development functions and personnel into their product development cycle in many different ways. Outsourcing drug development is a growing trend in the pharmaceutical and biotechnology industries. Outsourcing compresses the timeline of product development and provides a cost-effective alternative to adding specialized resources.
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The patent protection expiration of effective drugs is one factor driving the growth of the formulation development outsourcing market. There has been increasing demand for drugs and medical devices because of the growing population, especially in emerging economies. The market around the globe will expand in the forecast period.
Increasing patent protection expiration will drive the market growth
The growing importance of the innovation of novel drugs because of the increasing patent expiration of major drugs and the increase in the outsourcing of formulation development services by most pharmaceutical and biotechnological companies are significant factors driving the market's growth. Most biopharmaceutical companies partner with outsourcing services in the early phase of drug development to overcome the risk and save time and money in passing the drug through the development phase.
The rising burden of chronic diseases across the globe is driving the market growth
Chronic diseases and conditions are on the rise worldwide. Pharmaceutical and biotechnology industries in Europe invest in R&D in recent years due to the rising demand for advanced medicines. This may be attributed to the increasing aging population, chronic diseases, and infectious diseases.
Formulation development plays a vital role in anti-cancer drugs as formulation includes stability, solubility, and bioavailability during the drug development.
Side Effects associated with insufficient funding in the drug development process
Drug development is a lengthy, costly and complex process entrenched with a high degree of uncertainty that a drug will succeed. Funding plays a vital role in every step of the drug development stage. Ultimately, long development times coupled with low success rates translate into high overall R&D costs. Based on recently published Tufts CSDD data, the average capitalized cost to bring one new biopharmaceutical product to market, including the cost of failures, is $1.24 billion in 2005 dollars. For traditional pharmaceutical products, the cost is $1.32 billion.
• Pre Formulation Services
• Formulation Optimization
By Dosage Forms
• Genetic disorders
• Pharmaceutical and Biopharmaceutical Companies
• Government and Academic Institutes
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North America segment holds a significant share in the market
The North American region is expected to witness tremendous growth in the market. With increasing chronic diseases and the presence of key players in this region. And with the highly developed healthcare infrastructure and advanced technological developments in this region.
The United States accounted for 42% of prescription drug spending and 40% of the total GDP among innovator countries and was responsible for developing 43.7% of the NMEs., Many drugs are expected to phase patent expiration in the United States between 2020-2022, which include Chantix and Inlyta (Pfizer, Inc.), Dexilant (Takeda Pharmaceuticals USA Inc), Silenor (Currax Pharmaceuticals LLC), among others. Hence, the growing patent expirations are expected to drive the innovation of novel therapeutics, which boosts the studied market in the North American region.
The Formulation Development Outsourcing Market is is quite competitive. Key players such as Charles River Laboratories, Aizant Drug Research Solutions Private Limited, Catalent, Inc., Laboratory Corporation of America Holdings, Syngene International Ltd., IRISYS, LLC, Intertek Group plc, Piramal Pharma Solutions, Qiotient Sciences, Lonza Group AG and Dr. Reddy's Laboratories Ltd
Major players are adopting many strategic alliances such as collaborations and new product launches to expand their product portfolio and secure a position in the market.
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