Photo by Nwato
Global generic drug shortages have worsened over the past year.
Drug pricing pressure, regulatory changes and geopolitical tensions create challenges and opportunities for contract manufacturing organizations (CMOs), GlobalData said.
The report shows that revenue growth in the finished pharmaceutical contract manufacturing industry slowed down in the past fiscal year.
Additionally, global generic drug shortages have worsened over the past year, leaving patients without access to essential medicines.
“CMOs with the ability to produce generics, including less technologically innovative manufacturers, have an opportunity to help address these shortages and win business,” the report said.
In addition, governments have begun stockpiling critical drugs, investing in domestic drug production, and considering raising generic drug prices to stimulate production.
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