Thin Film Drug Manufacturing in the US Industry Market Research Report from IBISWorld Has Been Updated
New York, NY (PRWEB) August 24, 2014 -- Over the past five years, the Thin Film Drug Manufacturing industry has exhibited rapid revenue growth by appealing to a relatively untapped customer base. For example, thin film drug manufacturers have developed a market niche among stroke patients, which includes individuals that may have post stroke-related ailments, such dysphagia, or difficulty swallowing. “Further bolstering revenue, the industry has been characterized by a low level of competition from medications that have other routes of administration, such as pills and syrups,” according to IBISWorld Industry Analyst Sarah Turk. For instance, pediatric individuals may have high rates of not complying with medications in cough syrup or pill formats, which has created a boon for the industry. Other benefits of thin film drugs, compared with other medication forms, include precise dosage and easy administration thanks to their fast-dissolving formulations.
According to 2013 data (latest data available) from the Wall Street Journal, four out of five patients prefer orally disintegrating dosage forms. “However, the industry has grappled with regulatory hurdles and lackluster sales among some products,” says Turk. For example, according to Medscape, many original thin film drugs (e.g. Benadryl, Children's Triaminic and TheraFlu thin strips) have exited the market due to production issues related to developing manufacturing lines tailored to thin film drugs and poor sales. Nevertheless, industry revenue is anticipated to grow at an annualized rate of 17.1% to $921.8 million, including a drastic 25.0% jump in 2014. Profit is expected to also rise from 7.7% of industry revenue in 2009 to 9.4% in 2014, as many industry operators have partnered with other pharmaceutical companies to share fixed costs related to obtaining licenses for thin film technologies and marketing drugs.
In the five years to 2019, industry revenue is forecast to grow at an annualized rate of 7.4% to $1.3 billion. Over the five-year period, many thin film drug manufacturers will focus on developing a drug pipeline that encompasses more therapeutic classes, such as drugs that treat respiratory-related ailments. As the patent cliff has caused many generic drugs to enter the market, pharmaceutical companies will gain revenue from thin film drugs, which typically develop a strong customer base of stroke and pediatric patients.
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IBISWorld industry Report Key Topics
This industry manufactures dissolving films or oral drug strips that are used to administer drugs via absorption in the mouth or via the small intestines. Thin film use has emerged as an advanced drug delivery method that makes drugs easy to swallow without water and improves dosing accuracy. Additionally, offering a drug in thin film form can extend product life cycles for pharmaceutical companies that have expiring drug patents and may be exposed to generic competition.
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Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Gavin Smith, IBISWorld, +1 (310) 866-5042, [email protected]
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