Vast Population Base Of Elderly To Boost Active Pharmaceutical Ingredient Demand

By Author: Pramod Kumar
Total Articles: 97
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According to the World Health Organization (WHO), ‘active pharmaceutical ingredient (API)’ refers to any substance or a blend of substances that is used in finished pharmaceutical products. These substances intend to furnish pharmacological activity in products used to diagnose, cure, mitigate, prevent, or treat diseases and items that have a direct effect in modifying, correcting, and restoring physiological functions in human beings. According to the U.S. Food and Drug Administration (USFDA), major steps or operations in an API production process include multi-step fermentation and chemical synthesis, testing, purification, labeling, drying, crystallization, packing, and milling.

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The surging demand for APIs can be primarily attributed to the booming geriatric population. Owing to this reason, the active pharmaceutical ingredient market size is expected to rise from about $190 billion in 2020 to around $300 billion by 2030. The World Population Ageing 2020 report estimates ...
... that the global population of people aged 65 years and above will reach around 1.5 billion by 2050. In 2020, the population of this age pool stood at 727 million. Due to a weak immune system, the elderly create a high demand for medicated drugs for treating different disorders and diseases.

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Nowadays, companies operating in the active pharmaceutical ingredient market are focusing on product launches to gain a competitive edge. For instance, in October 2019, Amneal Pharmaceuticals Inc. introduced a generic version of Invega extended-release tablets in four dosages: 9 mg, 6 mg, 3 mg, and 1.5 mg. Similarly, in June 2021, Bajaj Healthcare Ltd. launched Ivejaj, an anti-parasitic drug, which can be used to treat COVID infection. The company developed this formulation and API for Ivermectin through its in-house R&D team.

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.