West Pharmaceutical Services, Inc. WST is well-poised for growth, backed by the robust Proprietary Products segment and the sustained strength in research and development (R&D). However, the foreign exchange volatility remains a woe.Shares of this Zacks Rank #3 (Hold) company have lost 17.7% compared with the industry's decline of 13.6% in a year. The S&P 500 Index has fallen 12.3% in the same period.West Pharmaceutical — with a market capitalization of $21.47 billion — is a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. It anticipates earnings to improve by 10.4% over the next five years. The company has a trailing four-quarter earnings surprise of 16.6%, on average.Key CatalystsThe proprietary products business continues to exhibit sustained strength and is an important contributor to WST's top line. This segment's customers primarily comprise several of the major biologic, generic and pharmaceutical drug companies globally that incorporate components and other offerings into their injectable products for distribution to patients.Sales improved 14.4% organically in the first quarter of 2022. High-value products (components and devices) accounted for more than 70% of segment sales and delivered double-digit organic sales growth. Consumer demand for NovaPure and Westar components led to the upside. With respect to the performance of the market units, the biologics market unit witnessed strong double-digit growth. The company continues to work with several biotech and biopharma customers who are utilizing West and Daikyo HVP offerings. The generics market unit delivered mid-single-digit growth, driven by sales of FluroTec and Westar components. Pharma market unit witnessed high-single-digit growth sales growth led by HVP, including Daikyo and NovaPure components.Image Source: Zacks Investment ResearchWest Pharmaceutical maintains its research-scale production facilities and laboratories for creating new products and provides contract engineering design and development services to help customers with new product developments.The company continues to pursue innovative strategic platforms in prefillable syringes, injectable containers, advanced injections, and safety and administration systems. In the first quarter of 2022, the company's R&D expenses increased 19.7% from the prior-year quarter. West Pharmaceutical remains committed to seeking new innovative opportunities for the acquisition, licensing, partnering or development of products, services and technologies. WST is focused on its objective to connect dots throughout science and technology to fulfill ideas for potential value creation.Factor Hurting the StockThe growing exposure to international markets makes the company susceptible to adverse foreign exchange volatility. Unfavorable fluctuations in currency exchange rates can affect West Pharmaceutical's international sales. Per the first-quarter 2022 earnings call, the projected forex headwind on earnings per share has an increased impact of approximately 38 cents for 2022 (based on current foreign currency exchange rates).Estimates TrendWest Pharmaceutical has been witnessing an upward estimate revision trend for 2022. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved north by 0.5% to $9.33 per share.The Zacks Consensus Estimate for 2022 revenues stands at $3.06 billion, suggesting growth of 7.9% from the year-ago reported number.Stocks to ConsiderSome better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. AMN, Masimo Corporation MASI and ShockWave Medical, Inc. SWAV.AMN Healthcare surpassed earnings estimates in each of the trailing four quarters, the average surprise being 15.6%. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.AMN Healthcare’s long-term earnings growth rate is estimated at 1.1%. The company’s earnings yield of 11.4% compares favorably with the industry’s (0.8%).Masimo beat earnings estimates in each of the trailing four quarters, the average surprise being 4.4%. The company currently carries a Zacks Rank #2 (Buy).Masimo’s estimated earnings growth rate for second-quarter 2022 is pegged at 22.3%. The company’s earnings yield is 3.8% against the industry’s (8.5%).ShockWave Medical surpassed earnings estimates in each of the trailing four quarters, the average surprise being 189.9%. The company currently flaunts a Zacks Rank #1.ShockWave Medical’s earnings growth rate for 2022 is estimated at 807.7%. The company’s earnings yield of 0.9% compares favorably with the industry’s (8%). Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. 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