Product labeling has always been at the forefront of customer communication for brands across every industry that deals with packaged products. A pharmaceutical label is a sheet of printed material used to give consumers directions and product details. It typically includes information about the medication’s ingredients, expiration date, dose recommendations, and manufacturing standards that were followed. It is thoughtfully designed to promote consistent branding, convey important medical information, reduce the risk of regulatory violations, and foster open dialogue with customers. In order to stay competitive and relevant in this digital era that is characterized by shifting trends, pharma companies should routinely conduct pharmaceutical market research. It helps them detect the changing trends, adopt them, and innovate more effectively and efficiently. In this blog, we will look at the top labeling trends in the pharmaceutical industry and discuss how they have transformed.
Factors That Impact Labeling Trends in the Pharmaceutical Industry
Multiple pharmaceutical market research programs have shown that the demand for product labeling has significantly increased as a result of the ongoing technological advancements in the industry, which have allowed pharmaceutical companies to strengthen brand value by emphasizing crucial characteristics like product tracking. The pandemic outbreak and the rise in geriatric health problems have proven to be important growth drivers for the pharmaceutical labeling business. Leading pharmaceutical labeling firms are taking the necessary steps to satisfy their customers’ shifting preferences and requests as new regimens and enhanced prescription formulations are being developed at a breakneck pace. Pharmaceutical labeling and packaging contribute significantly to brand value, adaptability, reliability, and product efficiency in addition to the aesthetic factor. In addition, pharmaceutical businesses have had to adapt to meet consumers’ expanding expectations due to their concerns about sustainability and environmental awareness. As a result, a lot of businesses that produce pharmaceutical labels are spending on market research to identify viable substitutes and take advantage of fresh avenues to boost brand value.
Labeling Trends in the Pharmaceutical Industry
Every decade, old trends seem to fade away to make way for the new, and labeling trends in the pharmaceutical industry are no exception. Let’s look at some of the most significant labeling trends that pharma companies should look out for in 2023 and beyond.
High eCommerce Penetration
According to Future Market Insights (FMI), the pharmaceutical e-commerce market will be worth US$ 72.1 billion at the end of 2022. By 2032, the market value is expected to reach US$273.6 billion. Large hospital chains have now started offering home delivery of medications and medical consultations in light of the widespread use of the internet platform. The whole healthcare delivery system now includes an essential role in online care and pharmaceutical retail. This trend is leading to the mass adoption of new digital printing technologies for all types of packaging. Digital printing offers an effective and beautiful design option, and makes use of digital engineering, 3-D modeling software, printed electronics, and digitally controlled production procedures. The key here is the implementation of computer-generated programs for seamless and efficient business processes. By utilizing every square inch of the box to interact with clients and promote your brand values, digital printing provides you with excellent quality, enabling you to present products in a simple yet functional manner. Branding is crucial in online commerce, and digital printing is helping brands to keep their audience engaged. Pharma businesses have also begun using value-added labeling options including RFID tags and QR code labels, which is a major trend that cannot be ignored.
Shift Toward Sustainable Materials
Leading companies in the market are adopting new habits to lessen their carbon footprint, while also paying attention to how sustainable materials are generated at each stage of the manufacturing process. For instance, organizations are choosing environmentally-friendly printing labels made of paper-based products procured from sustainable forests. Many large companies are seeking certification from the non-profit Forest Stewardship Council (FSC), Sustainable Forest Initiative (SFI), or Programme for the Endorsement of Forest Certification (PEFC). Sustainable packaging means using fewer plastics and avoiding products with a petroleum foundation as much as feasible. It also entails the utilization of non-tree alternatives including hemp, sugarcane board, and recycled cotton fiber.
Changing Customer Preferences
Consumers have demonstrated a strong willingness to alter their purchasing habits during the pandemic. According to McKinsey, approximately 40% of US customers have experimented with new brands or products since the COVID-19 outbreak. Availability problems were a major factor behind the behavior change; some branded products were out of stock for weeks as CPG producers tried to keep up with unexpected spikes in demand. More than 45% of consumers who converted to private brands cited price as their main motivation. The lack of availability of their first-preference brands, however, came in second place. Also, the maxim “reduce, reuse, and recycle” is gaining traction with the younger, more educated population. According to Ceymox, 62% of consumers stated they would prefer to buy from a business that is committed to reducing plastic use and enhancing the environment. Customers are now aware of their environmental impact and are more likely to support companies that share their beliefs.
Final word
As the global healthcare industry trends shift over time, healthcare organizations must take note to position themselves strategically. This can only be possible through use of the right healthcare industry market research methods. Market research in the pharmaceutical industry can help organizations to find and exploit new opportunities. As more people adopt a “digital life”, more opportunities will open up. When it comes to detecting new market opportunities, the significant role played by life sciences market research can never be overemphasized. Life science market research methods that you can deploy include Kol interviews and doctor interviews. It is crucial to determine the right timing to deploy different medical market research methodologies. This is why you need a proven pharma market research company by your side. Unimrkt Healthcare has an experienced team of pharmaceutical market research professionals that can help you in designing and implementing the latest qualitative research methodologies to meet your requirements. To learn more about our offerings, call +91 124 424 5210 or email sales@unimrkthealth.com. You may also fill out our contact form, and our representatives will get in touch with you at the earliest.
