Pharma companies in India are highly successful. Needless to mention,one of the biggest reason for skyrocketing success of pharma companies is increasing population in India. Large mass of people have a huge demand of pharmaceutical products. It offers grand opportunity for marketing and manufacture with best quality. More than 50,000 people are active in the pharma sector in India. Currently there are 12000 pharma companies in India. Another brownie points Indians have is that the prices of pharmaceutical products in India is much lower as compared to the price in western countries. Indian pharma sector is doing a marvellous job by having 60% of world’s vaccines come from India.
To acquire drug licence number and company registration,the cost to establish the company is barely rs15000-20000. So this gives people a golden opportunity to have their own unit with dwindling their cash balance.Pharma companies have great potential in India. Our country produces premium products which make pharmaceutical company a big hit. Infact USA is the biggest market for pharma sectar of India.
Indian pharmaceutical companies are in limelight because of many reasons.Below listed are some reasons behind growth and popularity of Pharma sectar in India-
- Generic Products– Generic Products are the main reason behind the success of pharma industry in India. A generic medicine is the same as a brand-name medicine in terms of safety, effeciency strength, and quality. This makes India third largest drugs manufacturer in the world.
- Patent Process– Patent rights in India is one of the major reasons for its major success.unlike other countries, India has patent process not product patents. The patent act of 1970 is quite flexible contributing to its success.Process patents means a company can copy and manufacture a product and still does not violate patent rights as long as it uses a different manufacturing method. With the help of reverse engineering, Indians analyse a drug and its making process. Reverse engineering churns out drugs at the fraction of the cost of what original price of the products would have been. Thus India has a steady supply of cheap drugs. The patent act brought affordability and agility to the remedies.
- Export to the Western countries– As mentioned above United States of America is the biggest market for pharma industry of India. Presence of low price, high quality drugs and high manpower in India make it easier to export the drugs to western part of the world generating lucrative deals. So, this is one of the reasons for the success of pharma companies.
- Support by Government of India-The Government of India has been bountiful to the sectar which provides high quality medicines and drugs to the society. The GST effect which seemed to impose on every product has a minimal impact on this industry. Well, the growth of the Indian pharmaceuticals has been growing over few decades with the support of government plans.
- Pharma Vision 2020: The government of India has been planning to achieve the Pharma Vision 2020. The project aims to achieve a grand value of USD 55 billion by 2020. The amount is slashed half the global pharma industry value. To obtain this the government has been planning and taking steps to help raise the industry.
Some of the states in India have done extremely well in this sectar. Gujarat is one of them.In India, Gujarat is one of the most industrialised states.Pharma companies in Gujarat also play a key role in the achievement of the pharma sectar in India. Gujarat holds a dominant position in India’s pharma sectar. Gujarat has strengthened India’s pharma position in many ways. People in Modi’s land have an entrepreneurial mindset which has brought laudable achievement in our country, the pharma companies are fully established and there are well developed allied industries.
It will not be wrong to say that two extremely opposite sectar of India has produced enormous wealth. IT sectar and pharma companies are the two most lucrative sectors.the IT sector of India is also proving to be a supporting factor for the pharma companies in India. pharma companies help to grow their business. So, those were some of the major reasons contributing to the highest ranking of India in Global pharma industry.