World News: 14:31 GMT Tuesday 3rd December 2019. [SpendEdge via Businesswire via SPi World News]
SpendEdge has been monitoring the global pharma plant machinery and equipment market and the market is poised to experience spend growth of more than USD 80 billion between 2019-2024 at a CAGR of over 7% during the forecast period..
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SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Pharma Plant Machinery and Equipment Market Procurement Intelligence Report. (Graphic: Business Wire)
Read the 131-page research report with TOC and LOE on "The Global Pharma Plant Machinery and Equipment Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The global regulatory framework mandated the usage of 2D barcoding and RFID tags in the manufacturing and packaging of drug products for remote monitoring of packages. This will act as one of the chief growth drivers in the pharma plant machinery equipment market. Supply chain traceability is gradually gaining prominence which is creating the requirement for data management and cybersecurity in the drug manufacturing process. This requirement will contribute to spend growth in the pharma plant machinery and equipment market during the forecast period.
To be at par with the standards of the highly regulated markets, drug manufacturers in APAC are taking strides to upgrade their manufacturing facilities. This will create significant spend opportunities in the pharma plant machinery and equipment market in APAC. With the regulatory leash tightening around the drug manufacturing enterprises, buyers are being compelled to adopt the latest pharma plant machinery and equipment as the usage of conventional plant machinery and equipment has high chances of non-adherence to the DSCSA in terms of serialization. This will drive a significant amount of investments into the pharma plant machinery and equipment market in the US.
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Business Wire: 14:31 GMT Tuesday 3rd December 2019
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