The company has anticipated the surge in demand and moved to the forefront of contract manufacturing, successfully building a global manufacturing network through site acquisitions.
During the first three quarters of 2005, >Patheon's revenues from the manufacturing of prescription and over-the-counter (OTC) drugs were equivalent to a growth rate of 49.9 per cent compared to the overall market growth rate of 9.9 per cent.
"Quality is a prime area of focus for Patheon and its acquisition strategies have focused on quality manufacturing plants to provide high services to its customers," says >Frost & SullivanResearch Analyst Barath Shankar.
Due to the sizeable investment required for manufacturing plants, companies are increasingly outsourcing the manufacturing of both existing and new drugs to contract manufacturing organisations (CMOs), enabling pharmaceutical and biotechnology companies to focus on research, sales and marketing.
As a result, contract manufacturing of pharmaceuticals in North America is a currently a $6.25 billion (€5.3 billion) market, forecast to grow at a compound annual rate of 10.5 per cent from 2004 to 2011.
Patheon currently owns and operates 14 manufacturing sites in North America and Europe, which the company has integrated into a network that enables them to manage their projects in a more efficient manner and cater to the respective local markets.
In addition, the firm goes beyond offering just manufacturing by providing its clients with a range of development, manufacturing and packaging solutions - a service that sets it apart from its competitors.
"With the experience of manufacturing more than 750 products shipped to over 120 markets for companies from around the globe, Patheon is a contract manufacturing company with a truly global footprint and collaborating with Patheon has been, and will continue to be, a win-win situation for its customers," concludes Shankar.
Each year, Frost & Sullivan presents this Award to a company that has exhibited excellence in all facets of operations within its industry including outstanding management, consistent growth, and positive social and economic impact on local and national communities as well as customers.