Indian Pharmaceutical Industry: The Growth Story
The Indian pharmaceutical/drug industry earlier was limited to only domestic market but now it’s on a forward march and is boosting the value chain. The industry is seen intensifying the research driven operation, focusing on export to embrace its worldwide presence along with expanding the provision of a larger portfolio of value added services and products. Also, improvement in the quality of products constitutes a fair share in bringing this change. Besides, the major role of supportive government policies has set the Indian pharmaceutical industry on a path that is likely to turn into a promising long term progress.
The value of growth rate of the whole industry has suffered a setback in the past due to various factors. This includes stiff competition, extended period of fragmented industry and global perforation of generic products. The domestic market, unlike pharmaceutical market in other countries, has suffered a backward phase due to this. As a result, all pharmaceutical market together adopted a fundamental base of innovation, primary management over the life cycles of their products and value added delivery. All this was done to serve a wide market reach.
Compared to international drug market, Indian pharmaceutical market contributes to 10% consumption of drugs. The market is a budding sector that marks its progress from a broad export base and variegated model of drugs. Along with this there are various factors that accounts for the stellar performance like hygiene awareness, ageing population and growth in income. Quality healthcare facilities, campaigning for a healthier living and government contribution in pharmaceutical research have helped this sector to perform exceptionally well. For example, the Indian government initiative, Pharma Vision 2020, places the pharma sector on the track to emerge as a global leader in manufacturing of pharmaceutical products.