A Look at Trends in the Pharmaceutical Industry

The pharmaceutical industry has been no exception when it comes to the radical changes shaping manufacturing in the past few years.  

While advancements in automation and robotics have provided benefits, this industry has not been immune to the supply chain and labor issues faced by other manufacturers. These issues have left many companies with just as many challenges as opportunities. 

Trends to Look Out for in the Pharmaceutical Industry 

As companies compete to adapt to this changing economic landscape, tracking emerging trends can help you better understand and prepare for what to expect in the future. Rather than reactively addressing challenges, you can proactively seize opportunities.  

Here are the trends shaping the pharmaceutical industry: 

Labor Force Challenges 

As employee expectations adjusted after the pandemic, the pharmaceutical industry, like many manufacturing verticals, has struggled to adapt. With the rise of work-from-home options and hybrid schedules, many young and skilled workers have elected not to take jobs that require on-site employment. Despite the high demand, many companies, manufacturers in particular, have struggled to find the talent they need. This has meant that many companies, manufacturers in particular, have struggled to find the talent they need. Pharmaceutical companies have started active recruitment for new talent or turned to outside, on-demand expertise or automation and robotics to compensate. Although the shift to more relaxed working schedules has helped some companies acquire and retain talent, labor force challenges continue to be a problem for manufacturers.

Companies struggling with labor shortages have found success by working with managed service providers like DIRECTAIR®. DIRECTAIR® is a compressed air solution where OTC handles all the setup, maintenance, and supply. Pharmaceutical manufacturing requires precise control over moisture and pressure, so if your team is struggling to manage these factors, we can help.

Inflation and Cost Increases 

The rising cost of doing business, combined with nagging inflation, has been another constraint on businesses. Material costs have increased for manufacturers. In addition, while regulations around prescription drugs have brought relief from soaring prices, they have shrunk profit margins for many pharmaceutical companies. The industry has been forced to adapt to these changes. Looking toward automation and other advances in digital technology has proven to be a successful cost-cutting endeavor, although this area is still developing. 

Supply Chain Disruptions 

Supply chain issues have dominated many industries in recent years. While the pharmaceutical industry could withstand some problems due to its high inventory levels, it was not completely immune. After recovering from the pandemic, many businesses have looked at ways to protect themselves from supply chain disasters. While there are a few promising approaches to this problem, the supply chain remains vulnerable.  

Worldwide Demand 

The distribution of the COVID-19 vaccine made it clear that the pharmaceutical industry has a globalization problem. While the effort to distribute the vaccine was successful, exceeding the expectations of many experts, it also highlighted how global distribution is still challenging. With future pandemics and potential disasters, it will be a challenge that isn’t sustainable. Compounded by other issues like supply chain disruptions, the move toward making pharmaceutical products globally accessible has become an ongoing industry initiative. 

Looking Toward the Future in Pharmaceutical Manufacturing 

Thankfully, the pharmaceutical industry doesn’t have to tackle these problems alone.  

Working with industrial, automation, and manufacturing experts like the teams at OTC can help businesses address weak points in their operations.   

Our experienced engineers work in many of the most demanding industries, solving complex challenges to increase efficiency and profit for our customers. We’ve worked with countless businesses that have faced issues like those affecting the pharmaceutical industry. By implementing creative and unique solutions, customized for each business, we’ve reduced the impact of inventory, labor, and supply chain issues for many customers.  

If you want to learn more about how we can help serve the pharmaceutical industry or to discuss some of the unique services we provide, contact us today. Our team is ready to give you the help you need.