LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Bulk Drug Raw Materials Market - Procurement Intelligence Report.
Factors like the volatile crude oil prices, growing stringency in regulations, and lack of innovative drug formulations will govern the bulk drug raw materials price trends and will result in a potential procurement price hike in this market. However, consumer’s penchant towards medicines that are composed of natural ingredients and have lesser side-effects will favor this market’s spend growth. The governments in the developing nations are undertaking initiatives to improve the existing healthcare system, which will have a significant impact on the spend growth in the global bulk drug raw materials market. This market is expected to witness category spend growth of over USD 112 billion between 2018-2023.
In terms of regional spend growth, the rise in the demand for biologics and biosimilars for the treatment of chronic diseases will drive the spend growth in the bulk drug raw materials market in North America. Meanwhile, APAC will register the highest demand growth during the forecast period owing to the rising sales of drugs in countries such as India, Malaysia, China, South Korea, and Indonesia.
Ingredients that are used to produce drug raw materials are susceptible to extreme price dynamism. Such price dynamism will inhibit buyers from determining their TCO, which will result in an uncontrolled procurement spend in this market. Get the free sample of this bulk drug raw materials market procurement intelligence report to stay informed on the best and cost-effective sourcing sites across the geographies.
Insights into Bulk Drug Raw Materials Spend Analysis
“This procurement report offers an in-depth overview of the bulk drug raw materials spend analysis and includes pricing insights for procurement across different regions. Such insights will allow buyers to set their spend management objectives in motion in this market,” says SpendEdge procurement expert Sumit Yadav.
The spend analysis data offered in this report hints at a significant increase in buyer’s procurement spend. This excess procurement spend will be triggered by a severe supply shortage owing to the shutdown of the production plants across the key production areas.
The crude oil price rise will have a rippling effect on the procurement expenditure in the bulk drug raw materials market. This will compel solvents suppliers to hike the prices of hydrocarbon and oxygenated solvents that are used to produce drug raw materials. The rise in crude oil prices will also increase the prices of intermediates, which will increase supplier’s OPEX.
Scope to save costs amidst volatile market price is not a matter of luck! Real-time insights into strategic sourcing practices play prominent roles in identifying avenues to save costs in the long run. Unlock your free access to the platform and explore the strategies to save costs across a range of markets.
Bulk Drug Raw Materials Supplier Selection Criteria to Address Excess Procurement Spend
It is advised that buyers engage with suppliers who are partnered with CMOs with a reputed customer base. This allows suppliers to gain benefits from the expertise of these CMOs, which, in turn, helps improve the manufacturing processes by reducing cost. This ultimately facilitates a decrease in the overall procurement cost for buyers.
Request for information to get real-time spend analysis insights into a range of markets and find out SpendEdge can help you achieve your spend management goals in today’s dynamic market.
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