The pharmaceutical industry in India is growing at a fast pace, and the growth is primarily owing to the increasing spend on healthcare from the general population and the rising demand for pharmaceutical products from the domestic and global markets. If you see, the growth trajectory of the Indian pharmaceutical industry has tripled in numbers in the past few decades, becoming one of the global leaders in the domain. The technological advancements, the diverse ecosystem, and government regulations have all added to the strength of the pharmaceutical industry. However, the multifarious compliance laws and regulations have made the industry a large and very complex enterprise.
India has become one of the strongest manufacturing base for pharma products with its highly skilled workforce and cost-effective practices. Adding to that, the Indian pharma industry today is witnessing increased export potential with high volumes of generic drugs being exported to the developed markets across the globe. There is immense scope for India to grow further and position itself as a leading manufacturer in the global pharmaceutical market.
Pharmaceutical Market Size of India
The Indian pharmaceutical market is valued at US$55 billion, with a CAGR of 22.4 percent.Apart from being one of the largest providers of generic drugs globally, it is expected that India will soon be a key player in global pharmaceutical R&D and will serve as the centre for international clinical trials. Pharmaceutical exports from India include bulk generic drugs, biologicals, surgical equipment, drug formulations, herbal products, etc.
With the rising burden of diseases, higher disposable incomes, increasing healthcare financing, and improvements in healthcare infrastructure, the sector is gearing up for the next level of growth. It is expected that the Indian pharma industry will continue growing both organically and inorganically through partnerships and alliances. Continued focus on improving productivity and operational efficiency will help the industry move towards significant growth opportunities in the near future.
Export Trends
The Indian pharma industry is reckoned as a high-quality generic drugs manufacturer in the global market, with more than half of its total production exported to 200 countries across the world. As of 2017-18, India exported pharma products were worth around US$ 17.27 billion and the industry estimates to grow its export potential to 30 percent and reach 20 billion by the year 2020.
Policy Support
To provide rapport to the pharmaceutical industry, the Indian government has recently extended a number of dispensations and policiesto accelerate the growth and development of the sector. Going forward, the government is taking steps to bring down healthcare expenses and reduce costs of manufacturing pharma products as well as providing tax incentives and grants for start-ups and existing firms to expand their base. In addition, the government’s thrust on rural health programs, preventive vaccines, and lifesaving drugs augur well for the growth of pharma companies.
Future Perspectives
The future perspective of the pharmaceutical industry is based on adopting new business models and innovative ideas that support to sustain the existing industry growth for the future. Moreover, the recent developments in medical technology and mobile telephony, aiming to remove the financial and physical barriers in healthcare access, are also expected to aid the pharma industry by bringing significant growth opportunities for the sector.
No doubt, the growth of the pharmaceutical industry will shoot up further ahead in the coming years, and the developments will bring in more diverse jobs in the field. This is why it is important that all those looking to make a career in the pharmaceutical industry consider equipping themselves with industry-centric pharma education that holds the caliber for the growing industry. We, at Indore Institute, School of Pharmacy, offer high-quality education, training, and research in the field of Pharmaceutical Sciences. Our state-of-the-art infrastructural facilities, smart classrooms, and well-equipped laboratories aid the overall learning and growth of the learners to ease their transformation into 21st-century professionals. At Indore Institute of Pharmacy, one of the leading PCI approved pharmacy colleges in Indore, we aim to produce efficient pharmacists having innovative skills and entrepreneurship abilities to efficiently contribute to the developments in the future.