LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Drug Substance Manufacturing Market - Procurement Intelligence Report.
Uncertainty, spiraling expenditure, and risks are some of the antagonizing factors that will dominate the procurement scenario in the drug substance manufacturing market. With incidents like Johnson and Johnson opioid overdose fiasco, pertinent regulations are becoming more stringent and dynamic, adding to the difficulties of drug substance manufacturing suppliers. This will have a subsequent impact on procurement in terms of expenditure for buyers in the drug substance manufacturing market.
Read the free sample of this drug substance manufacturing market procurement intelligence report to know what risks you may face in this market and the risk mitigation strategies you must adopt to sustain your business.
However, with adequate procurement strategies in place, buyers are investing in the drug substance manufacturing market which is evident in the projected spend growth of over 90 billion with the spend momentum accelerating at a CAGR of over 7%. This spend growth will be primarily attributed to the recent expiry of patent drugs that will trigger the demand growth of drug substance manufacturing suppliers. The rise in demand for specialty generics for the treatment of complex health conditions will also bring investments in this market.
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What are the drug substance manufacturing price trends that are driving the overall price structure in the global drug substance manufacturing market?
- The shutdown of several chemical factories in China, which is one of the major KSM manufacturing hubs, has severely reduced the supply of KSMS and other drug substances, thereby rendering the prices of raw materials expensive. According to the drug substance manufacturing price trends, this will have a subsequent impact on buyer’s procurement spend in the drug substance manufacturing market.
- With quality control in mind, drug substance suppliers are significantly investing in their warehousing capabilities in the form of infrastructure maintenance, appropriate storage installations such as shelving and pallets, and quality control. These are adding to their OPEX which will be ultimately compensated by buyers in the form of excess procurement spend.
What are the scopes of optimizing procurement spend with these upward rising drug substance manufacturing price trends?
Factors that will contribute to these upward drug substance manufacturing price trends are inevitable and will prevail for the next five years. It has been concluded that to address such challenges, strategic selection of suppliers will help buyers to explore more opportunities to optimize their procurement spend in the drug substance manufacturing market.
Implement flexible production practices
Acquiring validation for new processes and configuration of the existing manufacturing lines for various products can be cumbersome and costly tasks. Engagement with suppliers who are known to implement flexible production practices will aid in the acceleration of these processes. The use of single-use systems (disposable systems) can reduce changeover time and minimize the consumption of clean water. In addition, flexible production practices provide dual benefits of reducing manufacturing costs and meeting sustainability goals.
Criteria for drug substance manufacturing suppliers selection is subject to change based on the day-to-day market outlook. Get the free sample of this market intelligence report to know the supplier selection and negotiation criteria that are based on the current drug substance manufacturing market performance across regions.
Adopt measures to enhance supply chain visibility
Buyers should leverage digital systems such as QMS, CRM, SCM, and ERP to gain better visibility during the entire supply chain. These digital systems, combined with analytical tools, can ensure a seamless flow of information and provide traceability and visibility across the supply chain. The use of these systems can help buyers track the parameters such as transaction history, environmental storage conditions, manufacturing location, among others.
Some of the key topics covered in this report are:
- Drug substance manufacturing market spend segmentation by region
- Total cost of ownership analysis in the drug substance manufacturing market
- Regional spend opportunity for drug substance manufacturing suppliers
- Drug substance manufacturing suppliers cost structure
- Drug substance manufacturing suppliers selection criteria
- Drug substance manufacturing suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the drug substance manufacturing market
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