The pharma
industry is a booming industry with sales and marketing executives working
extensively for its widespread. However, a new model will now takeover with a
major shift in pharmaceutical industry from mass market to target market
methodology in order to augment profits. The future of the pharma industry
seems to be very bright in India as it is the third largest pharma industry
throughout the world. The Indian pharmaceutical industry is emerging as the
best industry to invest in, thru the world and many multinational pharma
companies are doing fairly well in India in comparison to other countries
worldwide. The industry has low risks with augmented returns and great
potential of growth due to which several investors are directed towards the
industry.
The government
of India has introduced privatization and globalization of the pharma industry
which has augmented the growth and with great incentives for development and
research in this sector, the industry is gaining new heights. The government
also provided several financial policies to the companies in order to carry out
research and development. Many other processes were also introduced which will
make the future of pharma industry very optimistic. The future of Indian
pharmaceutical industry foresees that our country will reach to top 3 positions
in the global market by the year 2020 in terms of pharma with awesome growth.
Even today, about 20% of generic medicines are exported thru the world from
India and the industry has all the potential of growth with skilled workers,
technical aptitude and low cost production. With the increase in the number of
pharma companies, there is scope for more employment for the populace and thus
the future is foreseen as very bright.
In the
future the industry will require exhibiting to the patients that their brand is
a premium one and will need to offer a complete package with health services
and their products in order to get exceptional payments for their brand. The
marketing and sales function will change drastically to get higher growth in
the future and several changes are expected in the business settings, which
will further influence the growth in the pharma sector. The business models
which are presently functioning will however not be apt for the year 2020 and
more innovation in collaboration is required to acquire desired growth in the
sector.
In the
future the companies will require amplifying supply chain models for different
products for different patients and utilize the chain to differentiate the
market. Around 75 percent of renowned companies worldwide are Indian and the
future of the companies is very bright. With the development of pharma
companies, the economic growth of the country will also augment which will
enhance the welfare of the people. With the availability of a large quantity of
raw materials and skilled workers India is becoming a hub of manufacturing and
research. Cost of manufacturing medicines is around 35-40 percent lower in
India as compared to the USA due to low cost of installation and labor. With
the introduction of GST in the market, pharma companies are expected to get a
major boost as their tax structure is simplified. Major increase in exports and
controlling of imports is also strengthening the sector along with several
government policies to help in the production and research.
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