A Brief Account on the Indian Pharma Industry

India has one of the most vibrant and dynamic pharmaceutical industries in the world. The pharmaceutical manufacturers play a significant role in the industry as pharma manufacturing companies in India are a great source of generic drugs for the whole world. They make as much as half the market demand in a wide range of vaccines, a quarter of demand for all medicines in the UK, and a 40% of generic demand in the United States. Studies say India is going to be the 6th biggest market for pharmaceuticals in the world by the year 2020.

Ideal policies like tax incentives and facilitation may lead to an accelerated growth of the pharma industry.

?Domestic market - The companies in manufacturing of pharmaceuticals have a great opportunity. The domestic market is not tapped in an efficient manner. Even the modern medicine penetration is low (30%) in the country. And, the per capita expenditure on health care is $93. Given these facts, companies can tap into this kind of market.

?Low cost - The cost of products for the companies in India is the lowest globally. The companies can make products at 40% to 50% of the global cost.

?High-quality manpower - The manpower in pharma manufacturing companies In India have great talent and re-engineering abilities. This is an additional advantage for companies in the country.

?Today, contract manufacturing in pharmaceuticals is growing fast. The reasons could be attributed to the low cost for manufacture and the expiry of drug patents. India is witnessing a rapid progress in pharmaceutical contract manufacturing. This sort of manufacturing is growing fast and generating more currency in the country.

?What is it? A contract manufacturing organization is a company that comes to the service of other companies in the industry on the basis of a contract to offer various services including drug development via manufacturing. Today, manufacturing (contract) is growing rapidly (20%). This is a great opportunity for small and medium scale manufacturers to enter this lucrative industry.

?India’s advantage - India has a great competitive edge when compared to countries like China, Ireland, and Vietnam because of superior and technologically skilled workforce. There are also great premises approved by WHO-GMP. Many multinationals consider India as the best outsourcing destination because of the lower operational and production cost.

?The entry of multinational companies into the notion of pharmaceutical contract manufacturing has changed over time. It got used to the new market situation. By this, the companies have been able to manufacture, develop formation, undertake clinical trials and study stability.

?Manufacturing in the form of contracts is likely to impact the industry positively. It is likely to boost the efficiency of the manufacturing and help companies reach the highest level of efficiency in the industry.

Conclusion - With all its inherent advantages, the pharma industry in India plays a significant role in the economy of the country. It has not only been able to supply drugs at competitive prices in domestic and global remarkets, but has been able to develop new drugs, undertake research, and provide the industry globally as well.

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