Global demand for pharmaceutical contract manufacturing services is expected to grow at an annual rate of 11% between 2011 and 2013, according to a new report from MarketResearch.com.

Demand for pharma contract manufacturing services has been soaring for two reasons.

The first one is the rising cost pressure on pharmaceutical companies, and the second reason is the recent global economic slowdown was a major factor in adopting the contract manufacturing model at many pharma companies.

Leading pharma companies also are looking at this model as a means to expand into the biosimilars and generics segments.

MarketResearch.com found that countries such as India, China, Singapore, Russia, and Brazil are considered developing markets for contract manufacturers.

The economic conditions of these countries are providing immense opportunities to pharma product manufacturers to expand their businesses.

Countries such as Vietnam, South Korea, and Bangladesh are rapidly emerging among other contract manufacturing destinations.

The majority of drugs exported from these countries are destined to American and European markets.

Source: Packworld http://www.packworld.com/newsletters/cp-2011-04-26.html