As per the recent study by the industry body, ASSOCHAM, it is estimated that the domestic generic market is likely to reach USD 27.9 billion from current position of USD 13.1 billion. It further added that the current compound annual growth rate (CAGR) recorded at 16.3%, which is the due to the approval by The Food and Drug Administration (USFDA) makers. The market is estimated to witness an 85% share in the domestic pharma market by 2020.
The Growth of Domestic Pharmaceutical Market
The domestic pharmaceutical market which stood at USD 15.4 billion in 2014 is expected to expand at a CAGR of 13.3% to USD 32.7 billion by 2020. With this, India is likely to figure among the top three pharmaceutical markets by incremental growth and 6th largest market globally in absolute size.
Who Are The Major Exports Markets?
The key exports markets for the nation’s pharmaceutical products are listed below, take a look-
· America
· Europe
· China
· Japan
· Africa
As a matter of fact, India is the third highest exporter of drugs to the US market. The reason behind is the large number of approvals from the USFDA.
Things Which Needs Attention
· Quality Control
· Formulation of Robust Supply Chain Network
· Support to other states
· Implementation of Modern Technology
· Development of High End Infrastructure
Employment Opportunities Abound
Job prospects are wide and far reaching. The sector offers diverse range of career options to an individual who wants to pursue a career in this sector. Given the pace of growth and development in this sector, pharma jobs are likely to rise in the coming years. There would be ample opportunities for the candidates seeking jobs into the following-
· Sales promotion
· Marketing and consulting services
· Retail/wholesale distribution
· Product management
· Data management
· Public Relations
· Research and development
· Quality assurance and testing
· Manufacturing
The Indian market for drug manufactures is in full swing, much accredited to the ever rising population, growing economy and an increasing demand of western medicines. Along with the burgeoning pharma sector, jobs within the industry are also increasing at a rapid pace.
Job Seekers Watch out for Indian Pharma Expo 2015!
The Indian Pharma Expo is going to be held on 24th and 25th October, 2015 at Pragati Maidan, New Delhi. It will present the latest trends and technologies in pharmaceuticals, drugs and formulations. It is a golden opportunity for the job seekers as well as the businesses as they have direct access to high-profile senior pharma executives, buyers, and contract manufacturers and so on.