Future of Pharmaceutical industry in India

 

Pharmaceutical industries play a significant role in the discovery, development, production and distribution of the medicated drugs throughout the world. Taking the global pharmacy market in concern, Indian pharmaceutical industries are the largest suppliers of the generic medicines that make it unique. The local dealers dominate the market by having the capability of formulations development and investments at the early stage and the cost price of the medications in India is very low compared to other competitors.

Indian pharmaceutical sector supplies medicines upto 70 to 80 per cent of the retail market demand and more than 50% of global demand for various vaccines. The industry also has global reach and is a net foreign exchange earner of more than $10 billion annually. In the global market, India ranks tenth in terms of value and third in volumes.

In our country, the big and established pharma companies take help from Third Party Pharmaceutical Manufacturer in India, 3rd Party Manufacturing Pharmaceuticals in India, so as to fulfil the demands in the market. The alliance with the contract manufacturers could be very beneficial for their success in the market. Amster Labs is one of the ideal choice for Pharmaceutical Contract Manufacturing Company in India. Amster Labs is successfully satisfying the clients and the customers for the last several years and is helping in the circulation of the medicines and making it to reach millions of people in the country. Amster Labs is blessed with large number of scientists who are well qualified and have the potential to take the pharmaceutical industries to greater heights. The contract with this firm provides the companies an opportunity to utilize the knowledge and experience of existing manufacturers and helps them to avoid large capital expenditures on machineries.

It is expected that Indian pharmaceutical sector will reach US$ 100 billion, while medical device market is predicted to grow US$ 25 billion by 2025. The pharmaceuticals products exported from India include bulk drugs, intermediates, drug formulations, biologicals, Ayush and herbal products and surgical. The biotechnological industry in India associated to pharmaceutical sector includes biopharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics and is expected to rise at an average growth rate upto US$ 100 billion by 2025.

The Government of India has taken several initiatives to promote the pharmaceutical sector in India. Some of the points are listed below:

• It has provided funds upto Rs 1 lakh crore with the aim to boost the companies to manufacture pharmaceutical ingredients domestically by 2023.
• The government is taking steps to set up electronic platform to regulate online pharmacies in India.
• Government of India has launched 'Pharma Vision 2020' to make India a global leader in end-to-end drug manufacture.
• Government of India has provided Rs 6,940 crore production linked incentives between 5–20% for incremental sales and plans to set up three mega drug parks to drive sustainable cost competitiveness

·         The Indian Government has taken steps to reduce costs and bring down healthcare expenses.

·         Government is focusing on rapid production of generic drugs into the market which would benefit the Indian pharmaceutical companies.

 Amster Labs is participating well in the economic growth and improvement of the healthcare infrastructure in the domestic market. Though the Indian pharma industry has been growing at a compound rate, it should still focus to increase the production of drugs and should adopt more innovative ideas to satisfy their customers faster and better.