The global contract manufacturing market is growing at an unprecedented rate today. The factors driving this growth are the prevalence of chronic diseases and the demand for medicines, which are pushing the pharmaceutical companies to increase the production of existing and new drugs. Mainly due to the ongoing COVID-19 outbreak, pharmaceuticals are investing heavily in research and development to find a cure for the highly contagious viral disease. Other factors contributing to the rise of contract manufacturing organizations are the pharmaceutical companies needing to free up in-house resources for different projects and improve flexibility in terms of the supply chain, timelines, and regulatory management.
The companies in the pharmaceutical contract development and manufacturing market are following the trend of mergers and acquisitions and forming new alliances to expand their capabilities and global market reach. This strategy is helping them increase their production while maintaining costs and getting access to the latest technology and services. And as a result of industry consolidations, there are changes being noticed in key personnel, relationships, policy, and even company objectives. These changes are further pushing pharmaceutical companies to review their past sourcing decisions. Besides, different geographic regions and countries are mandating the use of local CMOs to eliminate supply chain bottlenecks due to COVID-19 lockdown.
At this juncture, a wide variety of contract manufacturing organizations are entering the industry with a set of advanced and integrated offerings. Pharma Tech Outlook has compiled a list of the top 10 CMOs to help pharmaceutical companies improve outcomes and simultaneously enable growth in the industry. The list comprises of prominent organizations in the industry that will enhance pharma manufacturing practices in compliance with stringent regulations. Besides, the magazine also includes insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CXOs.
We present to you Pharma Tech Outlook’s, “Top 10 CMOs – 2020.”