Indian pharmaceutical market is growing both domestically and globally. The factors such as doubling of the disposable income and number of middle class households, expanding medical infrastructure, increased penetration of health insurances, rise in the prevalence of chronic disorders, adoption of product patents, and aggressive marketing are being considered to play a key role in the growth of pharmaceutical companies in the domestic level.
Some of the key strengths that would boost India’s presence in the global pharmaceutical market have been listed below:
- Strong base of manufacturing
- World-class products at competitive costs
- Good network of laboratories
- Growing research and development (R&D) infrastructure
- Highly trained pool of scientists and professionals
- Strong network of marketing and distribution
- Strong skill in process development
- Potential ground for conducting clinical trials
- Fast expanding healthcare industry
- Rich biodiversity
- Growing biotechnology industry
- Approvals of Highest Quality from regulatory bodies like USFDA, EDQM, MHRA
- Very strong in alternative systems of medicine such as Ayurveda, Homoepathy, Unani, Siddha and Herbal medicines
- An excellent centre for clinical trials.
In the face of expiring patents, the rising cost of research and development and increased pressure on pricing, most major pharmaceutical companies outside India are seeking alternatives to enhance their productivity, cut their production costs and hasten the development of drugs in the pipeline. India is fast emerging as a new hub for pharmaceutical development with its key strengths helping it to overcome majority of the obstacles.
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