In tandem with the rapid growth of pharmaceutical industry in the country, the packaging industry is also growing at a fast pace. The trend becomes more evident as more foreign packaging and packaging solution companies are entering in the country with business tie-ups and investments.
For instance, Klockner Pentaplast (KP), the German packaging solutions provider, has recently announced its plans to make India a hub for its pharmaceutical packaging solutions in Asia. The pharmaceutical packaging business in Asia stands at around US $4 to $5 billion and the company is planning to focus on this market by enjoying the advantages of manufacturing and research facilities in India.
The announcement by KP is not the single indicator of increasing presence of big companies in Indian packaging manufacturing and research sector. The Honeywell International, a US based company operating in packaging and automation sector, has recently signed a regional developmental collaboration with the domestic pharmaceutical packaging solutions company Bilcare Ltd for joint research ventures in specialty films business for drug packaging products.
As per the agreement, Bilcare will offer technology for Honeywell's aclar products. The company will also work to develop new solutions with the technological support of Honeywell' specialty films division to address very specific needs, challenges and limitations of pharmaceutical and life sciences products. Honeywell has a similar agreement with the Associated Capsules group, another major player in the packaging sector in India.
The Pharmaceutical packaging business in India at present stands at around US $60 million and is growing at a rate of over 10 per cent annually. The availability of expertise, low cost environment and the increased presence of the country's pharmaceutical sector in the global industry are major reasons for such a growth, according to sources from the industry.