How To Start Pharma & Medicines Industry
India’s pharmaceutical sector is rocking it on the global stage. We are the third largest when it comes to volume and on the thirteenth rank when It comes to value. In the global evaluation, we contribute about a 20 percent of it.
We are not only producing them, but also exporting them extensively. We are the largest exporters of generic drugs across the globe. Our generic drugs come up to 20 percent of the total global exports.
Our country is at a very interesting position in terms of the global pharmaceutical trade. We have no dearth of scientists and medical engineers who are coming up with new researches and trials every day. We could take the potential of pharmaceuticals to a whole new level. The drugs that are being used to fight off AIDS, at present, are being sold by India’s top rate pharmaceutical companies.
Global pharmaceutical markets are in the midst of major discontinuities. While growth in developed markets will slow down, emerging markets will become increasingly important in the coming decade. The Indian pharmaceuticals market, along with the markets of China, Brazil and Russia, will spearhead growth within these markets.
Global players in the pharma industry cannot afford to ignore India. The country, many predict, will be the most populous in the world by 2050. India will make its mark as a growing market, potential competitor or partner in manufacturing and R&D, and as a location for clinical trials.
In terms of value, the Indian medicine sector amounts to around 3.1 percent of the world’s pharmaceutical industry, while in terms of volume, we come up to about 10 percent.
If the estimates are to be believed, India’s revenue is about to grow up to 100 billion dollars by the time 2025 rolls by. If that happens, we will be coming up to be the world’s sixth biggest pharmaceutical player, in terms of size and volume. Also, in a social context, this sector will lead to a growth in the number of jobs. The employment opportunities will have been increased by 58,000 by the time we reach 2025.
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