The broad spectrum of medicinal needs of animals and the strict scrutiny process narrowing the flow of approved drugs has been instigating a shift towards animal drug compounding. The current scope of animal drug compounding is devised to meet the therapeutic needs of animals that aren’t a part of the food chain, with a view to eliminating instances of human exposure to harmful drugs.
Numerous countries observe different laws and regulations, when it comes to animal drug compounding. For instance, the FDA doesn’t validate the effectiveness, quality, or safety of compounded drugs. Despite this, global sales of animal compound drugs are projected to advance at an above-average CAGR of ~6% during 2016-2024, as estimated by a Persistence Market Research (PMR) study.
In Europe, several initiatives are taken by governments to improve animal healthcare, as the number of pet ownership surges. As per a survey conducted by People’s Dispensary for Sick Animals, ~49% of the UK populace own a pet, out of which ~25% of people are cat owners, while the rest ~24% of people are dog owners. Such staggering results have boosted the veterinary healthcare market of Europe, and are projected to hold crucial opportunities for animal drug compounding market players.
Introduce Flavorful Drugs to Gain Favorability of Animals
Among the other diseases and conditions, pets are more susceptible to neurological disorders over inflammation, infections, and others, which unlocks a horizon full of opportunities for market players to reap. Manufacturers can increase investment towards the development of compounded drugs that are specifically targeted for the condition. However, market players can note the initiatives taken by the Europe government in the form of issuing a guideline that requires conformation to the responsible use of antimicrobials on pigs, sheep, and cattle, in order to meet the antibiotic residue standard. This implies the prevalence of bacterial infection among companion animals and serves as an opportunity for market players to develop microbial-resistant compound drugs.
Since the veterinary drug compounders are unpleasant in taste, market players can differentiate their offerings by developing smooth and rich-in-taste chews for animals to gain acceptance. Besides flavor, tablets and chews can help pet owners to administer proper dosage of drugs to animals over powder form and, in turn, eliminate instances of under- and over-dosing. Some of the flavors that work best for veterinary medications include chocolate, meat, fish (tuna), cheese, and butterscotch. However, a greater consolidation opportunity will be available for market players that overcome the challenges present in the animal drug compounding market.
Compounded Drugs are But Illegal Drugs
Among the other barriers, the high cost of drug testing is likely to limit the sales prospects of the animal drug compounding. Currently, the government of Europe offers no reimbursement scenario for experimenting or purchasing of these drugs. On account of the lack of favorable finance scenario, pet owners are left with two choices – either make out-of-pocket payments or settle for generic drugs. In most cases, animal proprietors incline towards cost-effective generic drugs, which shrinks the masses consuming compounded drugs. While debatable instances of effectiveness regarding the use of animal drug compounding has held back the government from legalizing its status, which also reflects on the movement of the industry.
In a nutshell, market players can intensify the production of CNS, anti-infective, and hormonal drugs to gain bigger and better sales opportunities. Since a cat remains the preferred pet in the Europe region, market players can capitalize on the opportunity to introduce flavors for cats over other pets. Also, tablets and chewable compounded drugs hold better chances of sales over injectable medications, which market players can take a note of while thinking about the mode of administration. However, it is advisable for market players to keep a tab on the regulations before venturing into new markets within the region.
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