Tag: Pharmaceutical

Indian Pharmaceutical Sector And The Stunning Growth Rate!

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.

Investment Opportunities in Pharmaceutical Industry of India

Amongst all the countries that fall under the category of developing countries, Indian pharmaceutical industry is one of the biggest and the most advanced. This industry has been a boon to the Indian economy. It provides employment to a huge number of people and ensures that vital drugs are made available to the huge population of India at affordable rates.

The drugs and pharmaceutical industry plays a pivotal role in the economic development of India. Being a very intense knowledge-based industry, it offers innumerable business opportunities for investors worldwide. Indian pharmaceutical exports accounts for export to more than 200 countries around the world. The annual turnover of pharmaceutical products contributes to about US$ 17 billion. In recent times, the Indian pharmaceutical industry has shown tremendous growth in terms of infrastructure development, product usage, and technology.

The pharmaceutical industry in India provides several opportunities for investments and trade due to the following factors:

• With respect to India’s huge population it is an excellent center for clinical trials.

• India has efficient and cost-effective sources for getting a hold of generic drugs, especially the drugs that are going off their patents in the coming years.

• India has abundant manpower with strong scientific, technical knowledge.

• The cost involved for research and development is very low.

• The production cost of quality drugs in bulk quantities is very low.

• India houses excellent laboratories with world-class facilities. It has laboratories that specialize in process development and the development of cost-efficient drug manufacturing technology.

• India is self-reliant in terms of the production of bulk drugs. Almost 70% of the requirements for the formulation of drugs is available within the country itself.

• Another important factor that is responsible for attracting foreign investments in the Indian pharmaceutical sector is the increasing balance of trade in the pharma sector.

• India’s fast growing biotech industry, which offers great potential in the international market, also has contributed in making the pharma sector in India an attractive industry to make investments.

• Besides the presence of different systems of medicines, such as Siddha, Naturopahy, Ayurveda, Homeopathy apart from its strengths in manufacturing makes the Indian pharmaceutical industry an attractive industry to invest in.

Due to all these advantageous factors, India is recognized as one of the leading players in pharmaceuticals in the global market.

The Indian pharmaceutical industry got a major boost with the signing of the General Agreement on Tariffs and Trade in 2005. This agreement helped India to recognize global patents. After recognizing global patents, the Indian pharmaceutical market has become a sought-out destination for foreign players to invest in the sector. Also, investment in pharmaceutical industry has vastly increased over the years since the industrial licensing for a huge number of drugs and pharmaceutical products has been abolished.

The Department of Chemicals and Petrochemicals, which falls under the Ministry of Chemicals and Fertilizers, overlooks all the planning, developing, and regulating of the pharmaceutical industry in India. The ministry permits up to 100% foreign investment provided that the investor adheres to certain stipulations laid down by the government. The ministry allows for exemption from price control for a period of 15 years if the product is patented under the Indian Patent Act and is developed through indigenous R&D in the country.

Thus, with such remarkable initiative of the Indian government, the Indian prospective pharmaceutical industry looks extremely positive for attracting more foreign investments.

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