MUMBAI : The Indian pharmaceutical industry is the third largest in terms of volume with a growth rate of 15-18 per cent per annum. But, the same value does not apply for the packaging industry in the pharmaceutical sector as its growth rate is around 4 per cent y-o-y (year-on-year). There are many reasons for the slow growth but to catch up with the growth there is a need for investment of time and capital into R&D in the packaging industry.
Government of India, Minister of Commerce and Industry, Dept. of commerce, joint secretary Sudhanshu Pandey also added that investment in R&D is required for the industry to grow. He further added, “Today, things are produced and consumed somewhere else. It has become a global supply chain. Therefore, investment into packaging through R&D is important to understand the needs of different
markets.”
Adding to it, ACG Pharmapack general manager (projects) Erwin Passbrig said, “There is a rising cost of R&D. This resulted many companies to come together for R&D.” Thus, making it a viable option.
Through R&D, the industry will be able to understand the semi and de-regulated markets which form 45 per cent of India’s export. Pandey pointed out that major portion (55 per cent) of India’s pharmaceutical exports are to regulated market like the US and Europe.
According to a report by NOVONOUS, pharmaceuticals packaging industry in India is expected to be worth USD 2.60 billion by 2020. According to Indian Institute of Packaging (IIP), director, N C Saha,
India can achieve growth if it uses innovative packaging design and development whilst maintaining a standard by prioritising safety above everything.
