The Indian pharmaceutical market today is witnessing phenomenal growth and has become one of the significant emerging markets in the global arena. The industry is highly dynamic and in the midst of major transition, with so many technical and scientific advances spearheading its growth. The epidemiological, economic, and demographic shifts transforming the pharma market in recent years are likely to generate huge scope and opportunities for the industry in the near future.
Growth Projections for the Indian Pharma Market
The Indian pharmaceuticals market is projected to grow at a compounded rate of 15 percent in the next five years, outperforming the global pharma industry. The high disposable incomes, rise in the prevalence of chronic diseases, enhanced medical infrastructure, and improved healthcare financing are driving the growth of the domestic market. Moreover, the launch of patented products, generic drug development, export strength, and new market creation in recent years are further contributing as the growth drivers for the industry in the global sphere.
It is important for pharma companies to sustain the existing growth rate by adopting new business models and developing more innovative and technology-driven ideas to cater to the existing growth trends.
New Technological Advancements Aiding the Growth of the Pharmaceutical Industry
The role of new scientific and technological advancements remains inevitable to the growth of the pharma industry. Adoption of Artificial Intelligence (AI) and Machine Learning (ML) in the pharmaceutical industry has gained momentum in recent years for their potential to improve automation inpatient care, drug development, R&D, clinical trials, and diagnosis. Moreover, developing newer molecules, personalized medications, innovative technologies of genomics, and proteonomics would help meet the pharma industry’s substantial demand for production and development of drugs. The ongoing changes in technological factors and advancements in medical technology are likely to offer greater efficiencies, cost-savings and competitive advantage for the industry. Innovative products and newer technology, coupled with the growth of medical infrastructure, gives further impetus to the industry growth.
Biotechnology: An Emerging Trend in the World of Pharma
Biotech is yet another newly found trends in the pharmaceutical industry. Leading Indian pharma companies are looking forward to joining hands with biotechnology firms to sweep the market in the fields of bio-generics. Biotechnology has been able to create a foundation for the future growth of the pharma industry by improving its effectiveness and efficiency in upgrading the drug manufacturing capabilities. New approaches to R&D by means of biotechnology-based trends holds a lot of growth potential for pharma companies to not only meet the demands of the future markets but to help them stay agile and adaptable to the prevailing market opportunities.
Generic Drug Research & Development
India has been the generic capital of the global pharmaceutical market with its widespread development and innovation of generic drug manufacturing. Major research and developments in the field are propelling the industry to brace itself for newer ways that drive market growth. With its rich talent pool, credible quality, operational flexibility, and cost-effectiveness, the Indian pharma industry gets a huge advantage to strengthen its position in the worldwide market. As the largest supplier of generic medicines and export capabilities, the Indian pharmaceutical manufacturing facilities are all set to grow both organically and inorganically with a continued focus on operational efficiency and productivity.
It’s evident that the Indian pharma industry is on its road to the future, taking a giant leap to sustain its impending market growth. In the next few years to come, newer developments and innovations in the field are likely to shoot up the industry growth further ahead and bring in more diverse opportunities. A career in the pharmaceutical industry is sure to gain prominent scope in the coming times. As such, professionals desiring to embark into the field would need to equip themselves with a sound, industry-centric, high-quality education.
We, at Indore Institute’s School of Pharmacy (IIP), recognized as a leading pharmacy college in Indore, provide not just industry-relevant education, but training, as well as research and development related opportunities,for the students to enhance their potential in the field. The state-of-the-art infrastructural facilities, well-equipped laboratories, and eminent faculty at IIP aid the learning and skills development of the learners, helping them turn into efficient pharma professionals with the caliber to excel in the future pharmaceutical industry.