Indian pharmaceutical industry has been consistently growing at a CAGR of more than 15% over the last five years

The Indian pharmaceutical industry has been consistently growing at a CAGR of more than 15% over the last five years. The encouraging growth reveals the intrinsic strengths of the industry and the improving healthcare standards in the country. The major industry drivers comprise the following: the rise of a large number of product processing units, formulations, bulk drugs and other related industries that have catalysed the growth of packaging sector. Besides, many of them are implementing advanced packaging technology to ensure protection, quality and a long shelf life of products. In addition, changing lifestyles and the increasing occurrence of chronic diseases will reinforce the demand for healthcare products and services, and thus encourage growth in the healthcare packaging market.