The demand for innovations in health care and continued progress of research and development of medicines and related equipment leads to an ever-increasing demand for skilled talent in the industry. Healthcare has always been a top priority sector around the world and that makes it one of the most lucrative career paths for students interested in the same. The Pharmaceutical industry has shown rapid strides in the past few years, thanks to the continued progression of medical science and technology. Reports reveal that the market for pharmaceuticals is expected to grow by US$ 55 billion in the year 2020, and hence, if you are considering a career in Pharmaceuticals, now is a particularly exciting time to join the sector. The following are some of the top factors that contribute to the rise of the pharmaceutical sector as the top job generator in the country.
Population size and structure in the country
The country has a large population base and a major chunk of that consists of the aging population. Besides, the lifestyle of the present population has also undergone a sea change from what it was ten years back. The fast-paced life, increasing dependence onjunk food, and mounting work pressure have become a constant fixture in our lives. All of these factors combine to create and compound several health problems and thereby, lead to a rise in the demand for healthcare executives in the country. Moreover, as newer and more deadly diseases come to the forefront, the demand rises for greater research and studies in medical technologies.
The rise of the country’s pharmaceutical industry
India presently is the largest exporter of generic drugs all over the globe accounting for over 20 percent of the global exports in terms of volume. The share of the pharmaceutical industry of the country is estimated to be 3.6 percent in terms of value and 10 percent in volume. The projected growth of the industry is expected to be around US$100 billion by the year 2025 making it the sixth largest contributors in the pharmaceutical sector globally in terms of absolute size. As a result, the sector is expected to generate over 58,000 additional jobs by the year 2025 with an increase of ten percent expected in the next year. Besides, the growth of private and public health centers continues to maintain the economic attractiveness for the persistenceof the virtuous cycle of employment.
The endeavors and initiatives of the government
The Union Government has passed the order for the revision of the existing Foreign Direct Investment (FDI) in the pharmaceutical industry. After the amendment, up to 100 percent FDI is allowed in the manufacturing of medical devices. In the last six months of the year 2017, the pharmaceutical sector attracted an FDI inflow of over US$ 15.59 billion according to the Department of Industrial Policy and Promotion.
Furthermore, the Government of India recently unveiled the Pharma Vision 2020 scheme whose aimis to make Indiaa world leader in the end-to-end drug manufacturing. The time for approval of the new facilities has been reduced under the scheme in order to boost investments. This has naturally given the much-needed impetus to the prospect of jobs in the Pharmaceutical industry.
The rising job opportunities in the sector demand the presence of able professionals who can further the progress through their advanced skillset and knowledge. This is where the Indore Institute of Pharmacy, a PCI approved pharmacy college in Indore, comes into the picture as one of the premier institutes of pharmaceutical education in the country. Our industry-centric curriculum and practical-based approach have enabled us to transform students into conceptually sound and expert professionals who are presently needed to add to the cycle of advancement of the Pharma industry.
Our updated curriculum has been put forward by theindustry experts to enable the best possible development of the young mindswho join the domain. Our world-class labs and smart classrooms ensure that we leave no stone unturned in making sure that our students are the valuable assets in the Pharma industry of tomorrow. To add to the infrastructural facilities, we have a team of dedicated faculty members who come with years of experience in shaping and creating brilliance out of the budding professionals. Besides, we truly believe that as an educational institution, our responsibilities do not merely begin and end with inculcating academic and practical know-how among the students but rather encompass ensuring that they get placed with the leading players in the industry. To that end, we, at IIP, offer highly dedicated placement facilities and industrial collaborations that let us provide a solid footing to the pharma career of our students. We are proud to state that through our committed efforts and expert guidance, we have been consistently helping turn the dreams of the students into a reality by aiding them to grab the best of job opportunities in the pharma industry of the nation and strive to keep doing the same for all the upcoming batches as well.