Pharmaceutical Industry Services In India
Today, the Indian Pharmaceutical Industry is on the verge of experiencing dramatic changes in its epidemiological, economic and demographical levels. However, these changes go beyond the scope of the industry but affect the production of world-class Indian medicines by influencing its manufacturing practices with regular updates and meeting up with regular standards.
While it is expected of every pharmaceutical manufacturer to accept new methods and best practices, they are required to adhere to these regulations right from the techniques involved with drugs discovery, then with manufacturing and packaging, and finally to the distribution of drugs to consumers.
As the pharmaceutical industry continues to expand, the Indian pharmaceutical industry has significantly undergone impressive changes in the last decade, like any other industry. By tradition, the Indian pharmaceutical industry is mainly focused on the sales of pharmaceutical products.
In terms of volume, the Indian pharmaceutical sector contributes to 10% of the global pharmaceutical industry while it accounts for about 1.4% in terms of value. Consolidation of the overall Indian Pharm market has always been the key industry feature. In the last decade, the market has been affected with a string of mergers and acquisitions of pharmaceutical industries thereby making it largely fragmented.
India continues to acquire great importance as the pharmaceutical industry expands globally. Although India is currently achieving giant strides in the pharmaceutical industry worldwide, as the world’s leading producer of generic drugs, it however, has a small market in terms of per capita consumption and western standards. It has got one of the world’s lowest per capita consumption of pharmaceuticals which currently stands at about $4.50 per person.
India’s domestic market is currently undergoing real transformation which reflects changes in India’s demographic profile and rising disposable incomes in urban areas. More emphasis is been put in place by leading drug companies aimed at meeting the incessant demand for high-value volume. The Indian pharmaceutical industry accounts for 12% of lifestyle drugs for wealthy urban customers. Drugs for lifestyle or chronic diseases make up this highly lucrative market segment.
The overwhelming increase in ailments like high cholesterol and hypertension has placed India on a high profile for its role in supplying acute drugs. India has often been referred to as the world’s diabetes capital due to its immense contribution to the fast growing demand to the global pharmaceutical market with drugs for lifestyle and chronic disease.
As India continue to blossom as a growing market for contract research and development, contract manufacturing and clinical trials, there is a growing reliance on exports from India by the largest pharmaceutical products. The current growth of the India’s pharmaceutical industry is fueled by the lifestyle segment which includes anti-depressants, cardiovascular, anti-ulcer, hypertension drugs, osteoarthritis, Alzheimer’s disease and cancer.