Market Trends of Latin America Pharmaceutical Plastic Packaging Industry
Need for Protective and Barrier-Resistant Packaging for Pharmaceutical Products is Propelling the Sales of Plastic Bottles and Containers
- There are several types of packaging for pharmaceutical bottles. Drugs are typically kept in glass and plastic bottles. Plastic bottles and containers have an advantage over glass bottles, as glass bottles are breakable and heavier than plastic bottles. Plastic bottles are used widely to package several liquid and solid medicines, including syrups, capsules, tablets, nose, and eye drops. Plastic is strong, lightweight, and flexible and can be made into packaging in various forms and sizes. The market for pharmaceutical plastic bottles has grown due to technological development and increased use of plastic bottles for oral solid and liquid medications.
- There is a rising demand for ready-to-use or RTU bottles. These products make hospital operations more efficient by removing the product preparation or transport requirement before patient administration. Lowering the likelihood of a preparation error might save waste and expenses, improve convenience and workflow, increase accuracy and compliance, and promote high-quality patient care.
- Notably, there is an upswing in demand for pharmaceutical pet bottles with a suitable gas barrier. High resistance to oxygen and water vapor may fully satisfy the unique storage needs of pharmaceutical packaging. In February 2023, Berry Global Healthcare launched a new PET bottle for pharmaceutical syrup and herbal products. The company offers eight complementing closures with tamper-evident and child-resistant features, which helps clients take advantage of the rising need for child-resistant and tamper-evident packaging.
- The pharmaceuticals industry is anticipated to generate demand for tamper-evident caps and closures, as they offer child-resistant and contamination-free packaging. Companies are searching for products that can provide a longer shelf life. With many manufacturers now shipping products, it is necessary to design packaging to drive transport and sustain its integrity in different environmental conditions.
- Technological progressions in plastic packaging have resulted in innovations in the development of industry products. Also, the product and availability of plastic resin in the country aid in the growth. The plastic and resin production in Mexico for 2022 was USD 28.22 billion and reached USD 28.73 billion by the end of 2023, according to the International Trade Administration and the US Department of Commerce. Many companies are spending significantly on R&D activities to develop different and cost-effective products, and the innovations in this market are increasing. The demand for plastic caps and closures is expected to grow as the latest packaging formats for pharmaceuticals use innovative solutions, such as caps with droppers, spray pumps, and resealable openings.
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Rising Investment by Pharmaceutical Companies in Brazil Aids the Market's Growth
- The Brazilian pharmaceutical and drug industry ranks sixth globally, according to the International Trade Administration and the US Department of Commerce. The sales of pharmaceuticals in Brazil accounted for USD 20.67 billion in 2022 and reached around USD 24 billion by the end of 2023. The increasing population, along with the high number of aged people in the country, is the major factor driving the sales of pharmaceutical products.
- According to the Brazilian Institute of Geography and Statistics (IBGE), Brazil’s Unified Healthcare System (SUS) is the single health service provider to around 72% of the country's population. The country has a limited number of pharmaceutical product manufacturing companies. This has led the country to depend on foreign imports for pharmaceutical products.
- The Brazilian government is focusing on raising disease response standards and driving the pharmaceutical trade. In the South America Summit in 2023, the President of the country and the twelve other leaders pledged cooperation on a variety of agendas by the Brasilia Consensus. This includes the elimination of unilateral trade measures and increasing investment and market access. The country is now focusing on improving pharmaceutical research and productivity to reduce dependence on foreign imports. This will create growth opportunities for the domestic pharmaceutical manufacturing sector, ultimately impacting the pharmaceutical plastic packaging demand in the country.
- In addition, to help the international pharmaceutical companies to establish their presence by licensing, registering and commercializing products in the country, Tanner Pharma’s Licensing, Acquisition, and Commercialization (LAC) division was established. This attracts international pharmaceutical manufacturing companies to take advantage of the opportunity. For instance, in June 2023, Neuraxpharm Group announced the establishment of affiliates in the two largest pharmaceutical markets in Latin America, Brazil and Mexico.
- The increasing number of pharmaceutical companies in the country is expected to propel the demand for packaging products, which is expected to fuel the growth of pharmaceutical plastic packaging in the country. Plastic packaging solutions such as bottles, pouches, and blisters are preferred for packing pharmaceutical products and maintaining the property of the product.
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