Compounding Pharmacies Market continues to expand with Wedgewood Pharmacy acquiring ZooPharm, a veterinary compounding pharmacy

 

Compounding Pharmacies Market

In the world of pharmaceuticals, compounding pharmacies are places where pharmacies manufacture and supply compounded medicines. In the medical field, compounding pharmacies are places wherein the pharmaceutical industry has developed new and improved drugs. Compounding pharmacies have also been at the forefront of scientific advancement in medicine. Growing geriatric population and improved life expectancy have led to increased demand for compounding pharmacies. Since elderly people are most susceptible to different types of chronic diseases including diabetes, high blood pressure, and cardiovascular diseases. As per the World Health Organization (WHO), by 2050, the global population aged 65 years and above is expected to reach around 2 billion increasing from 900 million in 2015. Thus, such factors can stimulate growth of the compounding pharmacies market.

Another key factor that is governing the development of the market is rising adoption of customized medicine in the developed regions. Customized medicines or personalized medicines are developed based on each patient’s unique genetic makeup. As a result of this, these drugs are comparatively Therefore, such factors could potentially augment growth of the compound pharmacies market. Recently, in May 2020, Wedgewood Pharmacy acquired ZooPharm, a veterinary compounding pharmacy.  

Compounding pharmacies are considered as places where new drugs are produced or created. In a compounding pharmacy, formulated medicines are made into dosage forms that can be used in various illnesses and diseases. In the world of pharmacy, compounding pharmacies are places wherein compounded medications are produced or created to fit a specific medical need of an individual patient that cannot be met by commercially available medicines. As far as regional impact is concerned, North America seems to be gaining significant traction in the compounding pharmacies market. This is typically due to the presence of well-established healthcare infrastructure and key pharmaceutical companies such as B.Braun, McGuff Company Inc., and Institutional Pharmacy Solution in the region.

Compounding pharmacies work by combining different elements together to form one medication. The exact nature of the combination depends on the medical condition of the person to whom the medication will be given. Generally, when two different medications are put together, one of the two is used as a base drug and the other one acts as an element that enhances the effectiveness of the main compound. That being said, the lack of skilled personnel in laboratories and pharmacists in developed regions can potentially impede growth of the compounding pharmacies. Besides, stringent regulatory scenarios for product approvals along with high cost of equipment could further limit the market growth in the near future.


Location: India

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