Being the 9th world market leader for pharmaceutical industry, India increased in market value share to about $3 billion in 1998. The increasing demands seen by chemical suppliers in India were because of the immense developments and appreciation of people in alternative healing. The prices dictated by the market allowed pharmaceutical companies in India to accept low market prices. Studies showed that prices set by manufacturers failed to cover profitable business costs. Pharmaceutical companies can easily start a business because of the low capital requirement. Patent concerns were also enforced as the industry was only recently regulated by the government. Despite the freedom given to pharmaceutical manufacturers, the industry faced a lot of controversies existing until today which led for India’s government to enforce regulation in the industry. These policies were used to ensure public safety and welfare.
Extensive growth in the pharmaceutical sector in India was seen in two components namely: domestic and foreign. As consumers gained more attention and awareness on health issues, consumers seek for more improvements in the sector. A paradigm shift in terms of prioritizing health and wellness were evident for India to push for improvements in the pharmaceutical manufacturing industry. The set expectations alongside with value for money in purchasing drugs were now set in a different light. Business leaders pushed for developments and research for new, efficient, cost effective drugs that will meet greater consumer expectations.
There were four current trends identified in pharmaceutical manufacturing sector of India. These trends ignited inspiration and hope for India’s economic growth and development in the succeeding years.
Bulk Drug Policy
Bulk Drugs or Active Pharmaceutical Drugs (API) were known as active raw materials used in a drug. India currently has got more API than China. Emerging competition was seen between the two countries. This interesting trend in the industry led for chemists and chemical suppliers in India to conclude increase development rates in the industry. If this trend will be maintained, tax free status of manufacturers will be an advantage for them as business profitability will also increase.
New Ministry for Pharmaceuticals and Medical Devices
Clinical trials, import and export system of drugs and pricing controls will be handled by a new ministry in India. This was seen as a competitive edge among chemical suppliers in India. If a new ministry will be able to handle issues concerning pharmaceutical raw material suppliers and chemical suppliers in the country, demands and recommendations on the current system will be addressed.
Online Pharmacies and Digital Pharmacies
Due to technological advancements, India was also seen as a leader of online pharmacies or digital pharmacies for consumers. This implementation will help consumers have an easy access to products manufactured by companies. India’s project on pushing for online pharmacies will open doors for global competitiveness.
Pharmaceutical Raw Material Suppliers
Following the requirements of pharmaceutical and chemical industries, suppliers and manufacturers were set to aim for highest international standards of products. Not only to provide high quality chemical products but also to maintain customer satisfaction.
Jenny Shah works at TatvaChintan Pharmachem Pvt. Ltd, a leading chemical and pharmaceutical company based in Gujarat. “Chemistry” is her favorite topic for articles. She likes to pen down and share everything about the latest trends followed in Chemical and Pharmaceutical industry.