The World Pharmaceutical Industry is the best combination of Demand, Supply, Regulatory affairs and policies. The Industry witnessed an impactful wave in a very short span during 2020 because of COVID-19. This wave has brought Indian Pharmaceutical sector in the front line. A transactional phase for manufacturing, marketing, distribution and branding for the pharma market have already commenced for Indian Pharma companies. Currently, the Pharmaceutical industry of India supplies over half of the global demand for various vaccines and generic products. India is considered as the second largest contributor for global pharmaceutical and biotech human resources. Cost of production is comparatively lower than the US and almost half of Europe because of many resources which are easily and widely available in India. This enables the competitive advantage to the Indian pharmaceutical industry over others.
The Transactional Changes in Pharmaceutical Industry
There is an inevitable change noticed in lifestyle, working pattern, food habits, travel pattern among people at greater scale. Such cross culture connections socially and digitally boosted the health issues worldwide. The Pharma companies have diversified their R&D activity from traditional medicinal patterns to BioPharma companies. The IQVI quoted in one of its reports, ”More emerging biopharma companies (EBP) will launch new medicines in the next five years, due to shifts in strategy as well as the rising absolute number of active R&D compounds. More than one-third of drugs launched in the next five years will be brought to market by EBP companies”. The global pharmaceutical industry is expected to reach USD 1.57 trillion by 2023.
Pharmaceutical Management: A Global Masters
According to The Global Use of Medicine in 2019 and Outlook to 2023, an average of 54 new active substance (NAS) launches per year are expected over the next five years and two-thirds of launches will be specialty products, lifting specialty share of spending to near 50% by 2023 in most developed markets. To create a remarkable space in such a market the multinational companies in the pharma segment are focused to hire the fresh blood who can work on real to virtual platforms with the same level of efficiency.
“The Indian Pharmaceutical industry is a sunrise industry with a competitive advantage for India. We should leverage India’s position by unleashing entrepreneurial spirit through policy stability and ecosystem.”Sudarshan Jain,IPA Secretary General
India pharma sector also provides Entrepreneurial Opportunities in areas like manufacturing of formulations, raw material, nutraceutical products, cosmetic products, Veterinary products, Ayurveda/Herbal products, Surgical products. They can also start Contract manufacturing, C & F Agents, Distributorship /stockist, Pharmacy Retail chain business. Developing a unit of Pharma machinery, Pharma packing material, Pharma label and printing and Pharma Consultancy is also another entrepreneurial opportunity to start a new venture.
