What is the future of Pharmacy in India?

 

Future Of Pharmacy Business In India

India has shown significant growth within the previous few decades. It’s one of the strongest economies within the world today. Though every sector has performed well, industries like pharmacy have grown remarkably well. Not only entrepreneurs but people aspiring for creating a bright career in pharmacy also find it lucrative. Experts say that within the coming years, the pharmacy business will become more profitable. Hence, it is a wise thing to start out early. As far as various business prospects are concerned, one can excel within the niche by working sincerely. Here are a few areas that show a promising future.

Research and Development:

Research and development or R&D are the core of the Pharma business. According to business analysts, there will be a high demand for qualified pharmacists.
Resources that possess higher degrees like M. Pharma or Ph.D. will get priority.

Research on New Drugs

> Process development
> Formulation
> Development
> Clinical trials
> Toxicological studies
> Formulation and development

Analysis and Testing:

> Analysis and testing go together. These Pharma companies require highly skilled people. They will look out for analytical work and complicated equipment.
> Quality Control or QC, and Quality Assurance or QA are areas where plenty of job opportunities will generate within the coming times.
These job profiles are important during a Pharma business, and highly respectable and rewarding also.

Manufacturing

As the demand for medicines increases, new industries are arising. To manage production and operation in these industries, entrepreneurs need qualified people.
In the production industry, various skills are required. starting from production to operation, and maintenance to quality control; the need for human resources is everywhere.

Sales and Marketing

> It is not enough to manufacture pharmaceutical products in manufacturing units. It’s equally important to need them for the purchasers.
> Sales and marketing teams play a crucial role in it. They explore the markets and determine areas with high business potential.
> People who have an honest caliber of convincing others can make a bright career within the sales and marketing of pharmaceutical products.

Career in Hospitals

The pharmacists add hospitals are people that know better about the drugs prescribed there Though it is a more familiar thing within the western countries, in India also hospitals are appointing qualified pharmacists nowadays.
Since it is a flourishing niche, it is a wise decision to launch a pharmacy business today. The Sooner a business is launched, the more profitable it'll be.

Market Size

According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India’s domestic pharmaceutical market is estimated at US$ 42 billion in 2021 and likely to reach US$ 65 billion by 2024 and further expand to reach ~US$ 120-130 billion by 2030.

India's biotechnology industry comprising biopharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics. The Indian biotechnology industry was valued at US$ 64 billion in 2019 and is expected to reach US$ 150 billion by 2025.

India’s medical devices market stood at US$ 10.36 billion in FY20. The market is expected to increase at a CAGR of 37% from 2020 to 2025 to reach US$ 50 billion.

Exports

India’s drugs and pharmaceuticals exports stood at US$ 24.44 billion in FY21. India is the 12th largest exporter of medical goods in the world. The country’s pharmaceutical sector contributes 6.6% to the total merchandise exports. As of May 2021, India supplied a total of 586.4 lakh COVID-19 vaccines, comprising grants (81.3 lakh), commercial exports (339.7 lakh) and exports under the COVAX platform (165.5 lakh), to 71 countries. Indian drugs are exported to more than 200 countries in the world, with US being the key market. Generic drugs account for 20% of the global export in terms of volume, making the country the largest provider of generic medicines globally.

The Road Ahead

Medicine spending in India is projected to grow 9 12% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending.

Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers, which are on the rise.

The Indian Government has taken many steps to reduce costs and bring down healthcare expenses. Speedy introduction of generic drugs into the market has remained in focus and is expected to benefit the Indian pharmaceutical companies. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies.