Healthcare has always been the most important part of the socio-economic pillars. Advancement of any society gets largely judged by the efficient functioning of its healthcare sector. One of the most significant domains related to healthcare that has been in focus for the last few decades is the pharmaceutical sector. India has been lately experiencing a boom in the pharmaceutical industries with the allocation of more resources towards this sector. The increasing awareness regarding health parameters amongst the mass has propelled the progress further. Pharmacy education has thus become one of the most promising fields with widening opportunities and immense potential for its pursuers. Here is a brief overview of the current scenario of the pharmacy industry in India and what are the prospects for this arena in the near future.
Current Scenario
The Indian pharmacy market today counts for 50% of the global drug supply, including essential vaccines and life-saving drugs to the global market. Therefore, it can be regarded as one of the most potent and booming industries that the country has at present.
A substantial share of export includes drugs, drug formulations, intermediates, biological equipment, surgical equipment, and herbal products. Therefore, the economy of the country relies on the pharmaceutical industry to a large extent. The fiscal budget often experiences a positive touch owing to the contribution of this domain.
The Indian pharmaceutical industry has also gained the confidence of the US market, which approved 304 Abbreviated New Drug Application to India in 2017. India today accounts for 30% of the market volume of total drug trade of the USA. By value, the share is 10% and further rising.
The government has furthered the process of welcoming FDI into the pharmaceutical market by lifting volume-specific restrictions. The market today can allow 100% FDI inflow into the domain related to automatic medical device manufacturing.
With the introduction of six pharma parks in Uttar Pradesh, National Health Protection Scheme, single-window facilities and many such, the government is showing explicit interest in the growth of the pharmaceutical sector.
This indicates thatthe Indian Pharmaceutical industry is all set on the path of growth, and hence, pursuing a course related to this domain will surely pave the path toa successful and stable career ahead.
Future Prospects
Health is a concern that can never fade away. As long as the human race will walk on the face of the earth, health concerns will remain. Therefore, the demand for healthcare services and medicines will also persist and grow in due time. Consequently, the pharmaceutical market has no chance of losing the significance that it is enjoying today. Hence, Pharma education will continue to be one of the most sought after fields in the higher study arena.
According to the market researches, the next five years are going to be critical for India. The speculations have revealed that within this period, India will rank among the list of top ten countries of the world in terms of medical spending.
India is already experiencing a boom towards research and development in the pharmaceutical industry. The better methods of therapies and treatments are already here. The market has also responded positively to the technological inclusions like AI and IoT. The future will surely see some rise in domestic demand, which, in turn, would help in maintaining the growth of this sector.
We, at Indore Institute of Pharmacy, a PCI approved pharmacy college in Indore,have been closely studying the growth of the pharmaceutical sector in India, and thus understand that to enable the aspirants to thrive in the domain, it is necessary that they are introduced to the rising trends and market demands. We, at IIP, have thus remodeled our curriculum and teaching methodologies in away to best suit the future needs of the market. Integration of technical skill learning, experiential learning, and interactive lessons are some of the initiatives that have kept our pharma graduates ahead of others. We, at Indore Institute,a leading pharmacy college in Indore, aim at grooming every student of ours into an individual who can meet the future requirements of the pharmaceutical market. The success of our efforts is evident in the high rate of placement that our pharma graduates have been consistently registering.