During the peak of the COVID-19 pandemic in 2020, the premium for drug solvents market remained largely unaffected. As the demand for new formulations and innovative engineered solutions to address the pandemic grew, drug solvent manufacturers worked to meet the rising demand by increasing production and developing effective global supply chains.
As individuals and governmental organizations become more aware of the importance of pharmaceutical products, such as sanitizers, the pharmaceutical solvents market is expected to thrive in the 2021-2031 forecast period.
Leading pharmaceutical companies like Merck, Novartis, Roche, and Pfizer rely heavily on APIs and solvents sourced from countries like China and India, which excel in global supply chains. By volume, India holds a significant third position in drug production, with China and India collectively accounting for nearly 80% of the APIs and solvents imported to various regions.
This situation carries major implications amidst the ongoing COVID-19 crisis, as the world looks to these regions for medications to contain the pandemic. India, known for its low-cost generic medications, also has a large network of FDA-approved solvent plants supplying nearly 45% of formulations to pharmaceutical companies in the US. However, with increased scrutiny on China, many are now turning to India for API and solvent supply due to its lower costs and better compliance with regulations.
With solvents playing a critical role in smart drug delivery systems, major manufacturers of pharmaceutical solvents are actively exploring product developments that adhere to strict drug standards and regulations. Notably, deep eutectic solvents (DES) are gaining traction as a green solvent alternative.
DES possess superior properties such as non-reactivity compared to water, high solubility, and non-flammability, making them ideal for a wide range of solutes. The raw materials used in these solvents are also less toxic and more affordable, making them highly suitable for nanoparticle synthesis, drug delivery, and self-assembled drug carriers.
Market players such as Sigma-Aldrich Company LLC, BASF SE, The Dow Chemical Company, Avantor Performance Materials, and Clariant are focusing on meeting the evolving needs of end users.
The pharmaceutical industry is increasingly moving toward green chemical processes due to their potential benefits, including reduced waste and costs. These newly discovered methodologies are continuously being implemented across a range of solvents and catalysts within the pharmaceutical landscape.
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