With Big Pharma cutting back, CMOs are picking up the slack. The worldwide market for biopharmaceutical contract manufacturing reached $2.4 billion in 2007, a year-over-year leap of 14 percent, and industry insiders are predicting an equal amount of growth for 2008. Some companies are even predicting more than 25 percent internal growth. "As big pharmaceutical companies look to cut costs, they have put some in-house...projects on hold, and likely they will increasingly rely on outsourcing," a custom manufacturing official for Lonza told Contract Pharma.
The only dark spot in the industry survey? Worries about the credit crisis and how it might affect funding for smaller companies and the value of the dollar.
- see the report in Contract Pharma
New companies flooding CMO market