Laura Noll and Austin Adair detailed the market during the Pharma Converter Academy in Mentor, OH.
Greg Hrinya, Label and Narrow Web11.14.19
As part of the inaugural Pharma Converter Academy, which took place Oct. 8-9 in Mentor, OH, Avery Dennison illustrated how this market can provide a significant growth opportunity for labels and package printers. There are a host of relevant applications in the pharma market, ranging from medications and syringes to blood bags and medical devices.
Lauran Noll, market research manager at Avery Dennison, and Austin Adair, leadership development program, hosted a session on the latest pharma marketplace data and trends. According to Noll, global pharma sales reached $952 billion in 2018, up nearly 100 billion from 2017. Of these sales, the vast majority come from the US, as US spending is up to $485 billion, an increase of 5.2% over the previous year. Pharma sales are expected to have a CAGR of 4-7% over a five-year period. Branded prescriptions account for 73% of global pharma sales.
With the pharmaceutical industry growing, the labels and packaging segment is moving in k
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