The Booming Potential of the Pharma Industry in India
Before simply stating that the Pharmaceutical Sector of India is booming, it is advisable to get acquainted a little with the history of the Indian Pharma Industry. According to the Indian Government’s export promotion agency, ‘IBEF (Indian Brand Equity Foundation),’ before 1980, Pharma was an industry that concentrated exclusively on production. But after the Drug Price Control Order of 1979 saw the light of the day, a massive surge occurred in the figure of domestic pharmaceutical firms, establishing a booming generic medicines business. The period after 1991’s economic liberalization until 2018 was when the pharma industry could establish a global reach.
Then came the global pandemic phase in 2019, when the Indian economy hit hard. However, the single industry that bucked the trend was the nation’s pharmaceutical trade. It witnessed a surge in demand, making India the world’s biggest manufacturer of covid vaccines. This year, the pharma industry’s growth is double-digit, which is expected to be likewise. The improvement in reported earnings till the end of this financial year was 13%. Amid the high demand for the vaccine in the Covid phase, Indian pharma firms have also been able to fulfill the requirements of the global market. Today, India has become the biggest supplier of generic medicines around the world.
We, at B.S. Anangpuria Institute of Pharmacy, positioned among the top pharmacy colleges in Faridabad, reckon that there is immense potential yet to be tapped in the booming pharma industry in India. Agencies and specialists believe that some interesting factors are playing their part in establishing India on the world pharma map. Some of these are:
- The Indian pharma sector has a strong backing of almost 10,500 drug manufacturing units further inter-allied through 3,000 drug companies.
- Vigorous and dynamic R&D facilities.
- In terms of mass production or volume of drugs, we are the third-largest producer in the world.
- We have a huge bank of engineers and scientists who possess what it takes to navigate the craft and the trade ahead in order to attain remarkable heights.
- The Indian medical professionals specialize in the two most critical areas – ophthalmology and dermatology.
- Ours is a low-cost pharmaceutical industry, a facet that is advantageous for both pharma companies as well as the customers.
- Indian pharma industry produces drugs having the capacity to cure almost every kind of ailment, ranging from common flu and diabetes to cancer and AIDS.
- The pharma industry in India enjoys several tax benefits and a number of government aids.
- With the execution of WTO recommendations on intellectual property rights, pharma companies of India are setting their priority on R & D towards new drugs.
- Now Indian pharmaceutical companies have started shipping medicines to developed as well as developing states.
These elements reflect that the Indian pharma sector and pharmacists will be playing a crucial part in the future. We, at B.S. Anangpuria Institute of Pharmacy, strongly believe that increased demand for individuals engaged in this sector will be witnessed in the near future. Here, we point towards sectors all-encompassing R&D, manufacturing, and marketing. Having a presence in the industry for almost two decades, we would like to throw light on the fact that working for pharmaceutical companies can be brightly rewarding as well as professionally fulfilling. Opportunities galore in this field, to name a few, include clinical research, pharmaceutical journalism, teaching/academics, hospital and community pharmacy, R&D, quality assurance/quality control, pharmaceutical manufacturing, and pharmaceutical marketing.
Moreover, some of the key technologies/trends expected to emerge as a bellwether in this sector will be Artificial Intelligence, Blockchain, Data and Analytics, Precision Medicine, Digital Therapeutics, and a few more.
The way the Covid-19 pandemic compelled all sectors to reconsider a variety of facets of their businesses, the pharma sector was also required to modify its manufacturing and supply chains. The pandemic highlighted the requirement for increasing the velocity and precision of mass-production technologies and the quantitative aspect of the vaccines. Such stats and facts indicate the growth potential that the Indian pharmaceutical industry treasures. We, at B.S. Anangpuria Institute of Pharmacy, one of the top pharmacy colleges in Faridabad, understand the same and thus always remain dedicated to keeping pace with the developments in the Pharma Sector. It remains our endeavor to soak in such evolutions and developments happening on the world map into our curriculums and program so as to produce well-informed, mindful Anangpurians who can grow into successful future scientists, innovators, and leaders!