With pre-filled syringes emerging as one of the fastest-growing choices by doctors for unit dose medication and as more convenient drug delivery methods, the market of self-injection devices is estimated to grow at the rate of 16.1% during the forecast period of 2013-2018, said experts at Technovation, an initiative of BD Medical-Pharmaceutical Systems to share global trends, new regulations, latest technologies in the healthcare and pharma sector and advances in the pre-fillable drug delivery domain.
The 7th season of Technovation focused on Emerging Trends in Injectable Market across three cities “ Mumbai, Ahmedabad and Hyderabad.
As more drugs are coming onto the market paired with pre-filled syringes as the delivery devices, one of the key highlights of the seminar was the latest trends in the global and emerging markets.
Prefilled-syringes or injectable drug delivery system is an innovative approach that helps bring accuracy, safety, and convenience in conventional parenteral drug delivery.
The estimated growth at the rate of 16.1% of pre-filled syringes is more than double the expected growth rate of conventional injection devices, which is projected to be around 7.4%. The global injectable drug delivery devices market is also expected to increase from around 11.6 billion dollars in the year 2013 to 17.5 billion dollars in 2018.
Prefilled syringes have the advantages over parenteral drug delivery because of convenience, accuracy, sterility, and safety, and they not only minimize drug waste but also helps patients to self-administer injectable drugs at their home. The seminar included sessions by eminent experts from the industry who shared their views on emerging trends in injectable drug delivery market in India, system integration approach, evolving regulatory procedures in the country and technical services support.
Sharing the perspective of pharmaceutical companies, Christian Herget, BD’s Global Business Director said, In chronic diseases, self-administration of drugs by patients is very common, therefore along with cost, it is important to ensure patient convenience and safety.
Such platforms, that bring stakeholders from across healthcare delivery spectrum, facilitate a bilateral exchange of ideas and helps manufacturers understand the finer nuances of the drug delivery system and patients concerns. While the focus of drug manufacturing companies has always been on the efficacy and safety of the product, with more exposure to first-hand reviews, the manufacturers are becoming more careful in designing integrated drug delivery systems in terms of their function and efficacy.
With Asia taking more than 60% of the business volume, experts extensively discussed the double-digit growth of global pharma industry where customers, patients, and care givers are constantly seeking newer solutions. Pharma industry is one of the major contributors to Indian economy, and therefore to safeguard the interest of patients as well as investors, it is important that private-public partnerships evolve with the changing ecosystem while keeping focus intact on regulations, safety, and public interest.
Herget also added, The biologics market is not only outpacing the small molecules in terms of revenues but is also entering new therapy areas like cardiovascular and respiratory disorders and chronic pain. The combination product guidelines change the drug development paradigm for all injectable biologics and help to assure optimal drug/container- and container/device-compatibility as well as flawless function in the hands of the intended end user.
BD Medical-Pharmaceutical Systems has been conducting Technovation since 2010, where they invite subject matter experts to exchange their knowledge to partner for shared success.