What is Sustainability and Why is Sustainability Important?
The term sustainability is derived from the Latin word sustinere, which means to hold or support. Sustainable packaging is defined as packaging that is safe for individuals, as well as the environment, while meeting all requirements for performance, cost and ease of fabrication. Further, the product should be specially designed in order to minimize usage of raw material and optimize energy use. The continuously growing pipeline of pharmaceutical drug candidates has inadvertently led to an increase in the demand for product packaging solutions. Further, the gradual shift of the healthcare industry from the one-drug-treats-all model to a personalized approach, coupled to the growing complexities associated with modern pharmacological interventions, has compelled packaging providers to identify innovative sustainable packaging solutions. As global pharmaceutical sector continues to grow at a significant rate it intensifies the urgent need for sustainable / biodegradable packaging materials, in order to protect the planet. The use of recycled paper, plastic and cardboard has emerged as a promising alternative to conventional secondary and tertiary pharmaceutical packaging materials. However, development of eco-friendly primary pharmaceutical packaging material still remains as one of the major challenges faced by industry stakeholders as use of natural material can enable potential interactions with pharmaceutical products.
Owing to the incessant demand for packaging solutions, several pharma giants, including AstraZeneca, Bristol-Myers Squibb (BMS) and Merck have set sustainability goals and are ramping up efforts to reduce waste. Additionally, a large number of players have started adopting sustainable materials for packing their products in order to reduce the deteriorating environmental impact of post-consumer packaging waste. The pharmaceutical industry is taking the step forward and shifting towards eco-friendly, recyclable and reusable packaging materials, such as paper and cardboard for secondary and tertiary packaging of healthcare products. Several packaging manufacturers have developed or are working on the development of recycling plants, resulting in building up of circular economy among pharmaceutical industry and packaging manufacturers. I have pasted figure that depicting the concept of circular economy.
The continuously growing pipeline of pharmaceutical drug candidates led to increased demand for alternative packaging containers. Additionally, the prevalence of COVID-19 has further boosted the demand for vials and syringes.
Sustainable, Biodegradable and Eco-Friendly Packaging Market is Anticipated to Grow at Over 11.5% CAGR
Driven by the increasing demand for sustainable packaging solutions market is projected to grow at a steady pace in the foreseen future. In addition, among primary packaging containers, syringes, vials and bottles is anticipated to capture the maximum share in the market. It is worth mentioning that Europe is expected to contribute to the maximum share in the growth of sustainable, biodegradable and eco-friendly packaging market.
A detailed demand analysis and market forecast is available
For more details on this emerging domain, check out the following report: