The Success of Indian Pharma Sector: It is very true that the pharmaceutical sector of India has turned out to be quite a successful one. In the present time, more than 500,000 people are working in the pharma sector in India. As a matter of fact, there are more or less 12,000 pharma companies in India. Among them, almost three thousand of them can be considered as the large scale ones. If you consider the prices of medicines or drugs in India then they are quite lower compared to what exist in the western countries.
So, what is the reason behind the high growth rate and success of the pharma sector in India? As a matter of fact, the quality of drugs available in India is not at all poor. So, how the Indian PCD pharma companies are able to produce drugs at such low prices, without lowering down the quality? Let us find out.
REASONS BEHIND THE SUCCESS STORY OF INDIAN PHARMA SECTOR
Generic drugs: For those who do not know what generic drugs mean, these drugs are comparable to the ones coming from big brands, in terms of performance and quality; however, the prices of these drugs remain a lot lower in comparison to the ones sold by the big brands. The efficiency of generic drugs is also quite excellent. This is the reason why India has turned out to be the third biggest drugs manufacturers in the world.
Export to the western world: It would not be wrong to say that the pharma industry of India is comparable to the IT sector. Both IT sector and pharma sector of India are doing really great. Owing to the easy availability of low price as well as high quality manpower in India, the smaller size pharma companies are able produce drugs at low prices. Now, a significant amount of the drugs manufactured is exported to the United States. In fact, the USA is the biggest market for the pharma sector of India. So, this is another reason that has made the Indian Pharma sector a successful one.
Backing by the government: Yes, the strong support provided by the Indian government also proves to be an encouraging factor for the pcd pharma companies in India. At present, more than 70 percent of FDI or Foreign Direct Investment is allowed in this sector. For this reason, it is easier for the businessmen in India to set up a new pharma company by finding a foreign source of funding. In addition, the patent system (Patent Act of 1970) associated with the pharma sector of India is also quite flexible and agile. This encourages the pharma companies to develop their business in a hassle free way.
It would not be wrong to say that the IT sector of India is also proving to be a supporting factor for the pharma franchise companies in India. The strong IT backup is definitely helping the pharma companies to grow their business. So, those were some of the major reasons behind the success story of the pharma companies in India.
Long considered the pharmacy capital of the world, India, which already supplies large amounts of medicines and vaccines to global health programmes such as PEPFAR, the Global Fund to Fight AIDS, Malaria and Tuberculosis and Gavi, will have a key role in achieving that wide-scale roll out of a Covid-19 vaccine.
Pydah college of pharmacy affiliated to Andhra University offered courses
B.Pharm ,M.Pharm & Pharma.D
visit us at www.pydahpharmacy.edu.in