LONDON–(BUSINESS WIRE)–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Drug Intermediates and APIs Market – Procurement Intelligence Report.
The drug intermediates and APIs market is set to witness a spend growth of more than USD 80 billion with the spend momentum accelerating at a CAGR of more than 6% through 2024. Factors such as an exponential demand for biosimilars and the adoption of advanced testing measures such as Raman spectroscopy and gas chromatography to minimize the level impurity in products and deliver quality products will contribute towards the spend growth of this market. However, this spend growth will not be bereft of challenges that will render complexities for both the buyers and suppliers in the drug intermediates and APIs market. While the prevalence of counterfeit drug products will pose as major procurement pain-points for buyers, the difficulty in obtaining regulatory approval to drug testing and marketing will hinder the production bandwidth of the suppliers. These factors will have cumulative impacts on the procurement scenario in the drug intermediates and APIs market.
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To address these challenges, one of the strategies is to partner with suppliers who engage with vendors for their chemical raw materials requirements that maintain strict compliance with GMP guidelines. These guidelines govern factors, such as the quality of materials, laboratory standards, production capacity, and approved APIs before certifying a vendor.
What do the drug intermediates and APIs price trends indicate?
- The stark rise in clinical failure rates is emerging as another imposing challenge in this market. According to the drug intermediates and APIs price trends, this is resulting in severe financial losses of suppliers which they will invariably compensate by increasing the product price in the market.
- Typically, pharmaceutical intermediates and APIs are highly susceptible to contamination upon exposure to air, light, and moisture. This makes it imperative for drug intermediates and APIs suppliers to do extensive investments on storage and packaging which will further add to their OPEX. This will be compensated by buyers in the form of excess procurement spend in the drug intermediates and APIs market.
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How to identify drug intermediates and APIs suppliers who can cater to your procurement needs while adding value to your business?
In this market, a collaborative buyer and supplier relationship management will play an integral role in securing sustainable category management despite the forecasts of challenges. With their industry-specific knowledge, drug intermediates and APIs suppliers are well-acquainted with the cost-saving avenues and the potential risks which they pass on to the buyers who seek cost-effective procurement in markets.
Adopt collaborative supply chain planning
Stock shortages, irregular demand, among others are some of the common challenges faced by buyers because of the lack of involvement of both the parties in the procurement process in the drug intermediates and APIs market. To avoid such challenges, buyers should adopt a collaborative procurement process that considers factors, such as transparency in sourcing, inventory status, demand projection, and R&D processes, as well as solutions to mitigate the challenges faced by parties in the value chain. Such initiatives help to strengthen the buyer-supplier relationship.
Check for DMF status of drug intermediates and APIs
Regulatory compliance is one of the critical parameters that must be fulfilled to sustain in the drug intermediates and APIs market. It is prudent of buyers to select suppliers by checking the DMF status of the required drug intermediates and APIs. Suppliers with approved DMF status will also comply with the regulatory norms, and thus buyers are assured of quality APIs and drug intermediates.
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Some of the key topics covered in this report are:
- Drug intermediates and APIs market spend segmentation by region
- Total cost of ownership analysis in the drug intermediates and APIs market
- Regional spend opportunity for drug intermediates and APIs suppliers
- Drug intermediates and APIs suppliers cost structure
- Drug intermediates and APIs suppliers selection criteria
- Drug intermediates and APIs suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the drug intermediates and APIs market
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