The Rising Potential of the Pharma Industry in India & Across the World
The pharmaceutical industry is one of the most dynamic and diverse sectors, responsible for the production, development, and marketing of medications and medical devices. The pharma industry holds immense importance amid the healthcare community, for its life-saving medical innovation and manufacturing. The very presence of the industry in the frontline of healthcare adds value to patient care services and healthcare accessibility. However, the industry is heavily-regulated with complex policies to ensure the quality, safety, and efficacy of the drugs.
Despite widespread concerns about continued cost controls and government regulations, the pharma industry is predicted to grow substantially in the decades ahead. Major innovations and technological advancements will continue to drive the magnitude and growth of the sector, bringing in positive implications for the global population and the healthcare industry, as a whole.
Global Pharma Industry: The Current Scenario & The Future Growth
The global pharmaceutical industry is advancing at a fast pace and on a larger scale, with rapid innovations and growth trends propelling the sector further ahead into the transformation phase. The pharmaceutical industry stands as one of the top five industries in the global economy in terms of the total value, which is approximating USD 1.4 trillion. As of now, the growth of the pharmaceutical industry worldwide is valued to be 30% larger than it was previously and is being predicted to touch an estimated figure of USD 5.5 trillion in the coming years.
In recent years, the rapid technological advances and major breakthrough in research have the paved way for the global pharmaceutical industry to bring forth better, faster and affordable drug discovery, and development processes. The continued growth in the biologics field, improvements in peptides manufacturing, and the increasing efficiency in disease control would add substantial accretion to the pharma industry valuations. Apart from that, breakthroughs in cell therapy, digital health, and NGS-driven medications are expected to bring profound positive implications to healthcare. As a result, there is a staggering increase in the drug manufacturing and distribution, research and development, along with novel innovations that would lead to the massive growth of the industry and its ancillary economies on a worldwide level. All these trends and advances in the medical field continue to strengthen industry growth and are likely to shape the future of the global pharmaceutical sector.
Contribution of the Indian Pharma Industry to Global Healthcare
The Indian pharmaceutical industry has grown by leaps and bounds in recent years, owing to the increasing consumer spending and the rising demand for drugs in the global arena. Over the past 15 years, the Indian pharma industry has ascended as one of the successful industries, contributing significantly to the domestic and global healthcare outcomes and economy.
The pharma industry in India has grown rapidly in the generic drugs business, building a billion-dollar framework backed by generics research and development. The industry has ensured providing high quality, affordable and accessible medicines to global healthcare, and has remained instrumental in driving the penetration of generics globally. Skilled workforce capabilities, cost-effective practices, and favorable market conditions have made India one of the strongest manufacturing bases for drugs development and pharma products.
Growth Trends of the Pharma Industry in India
The Indian pharmaceutical industry continues to remain as one of the most lucrative sectors with a CAGR of 22.4 per cent, valued at USD 55 billion. So far, India has been topping the list of generic drugs providers in the global arena, with the exports taking a major share of the global supply.
Being a global leader in generic drug exports, India produces cost-effective generic drugs and vaccines, supplying to more than 20 percent of the global demand for generic drugs by volume. Currently, India has a strong pharma network comprising of more than 3000 drug companies and 10,500 manufacturing units producing generic drugs. India also has the highest number of USFDA-approved generic drug manufacturing plants outside the US. And that’s why India is reckoned to have the largest pharmaceutical exports in the world, exporting to more than 200 countries across the globe. As of 2017-18, Indian pharmaceutical exports were worth USD 17.27 billion and is expected to shoot up to 20 billion by the end of 2020.
India continues to export high-quality pharmaceutical drugs, anti-retro-viral drugs, biologicals, surgicals, and Ayush and herbal products. Bulk drug exports in India account to roughly one-fifth of the country’s total industry output. The increased export potential of the Indian manufacturing companies has positioned India as a key player in the global supply chain and holds an integral role in the growth and development of the industry.
In recent years, India directs its growth trends to become a leading drug discovery and innovation hub for international clinical trials and R&D through policy regulations and fiscal investments. The Indian pharmaceutical industry holds a hefty potential for collaborative and outsourced R&D in regards to biotechnology, generic drugs and vaccine development, chemicals, and manufacturing of medicinal products. Indeed, the CRAM sector in India is globally recognized for its high-end research capabilities. The low-cost manufacturing, production, and R&D costs, coupled with innovative scientific manpower and well-equipped national laboratories have steered the industry’s potential for researching and drug development possibilities.
Technological Advancements
With India emerging as a major key player in the global pharmaceutical market, the role of technological advancements in the sphere cannot be overlooked. Adopting novel research methodologies and innovative solutions has been the need of the hour for the industry to propel its growth ahead to the next level. It is important for Indian pharmaceutical companies to continue developing patented drugs and innovative products that help advance industry growth. Besides, biotechnology has been a significant field of study that is revolutionizing the pharma industry by contributing to the innovation, production and development of drugs and formulations. Breakthrough innovations spearheaded by many biotechnological firms in India has changed the industry trends for better.
Everything from genetic testing to the manufacturing of drugs and vaccines requires cutting-edge research and development with the help of technological advancements to take medical sciences altogether to the next level. Technological advancements, when thoughtfully adopted by the pharma industry, would bring in path-breaking solutions and novel developments that can be used rampantly in the pharma sector.
The Future Ahead
The Indian pharma sector remains one of the fastest-growing industries, with a potential to reach higher grounds on a global scale. It is necessary for the industry to build new‐age capabilities and drive‐out potential inefficiencies in the sector to emerge as a much stronger player in the global arena. Data‐driven solutions and technology‐led innovations will improve the efficiency of the industry operations and provide a growing advantage to drive the impending transformation. If only, the Indian pharmaceutical companies strive to re‐orient their business model and refine their strategy towards embracing the growth challenges in the sector, it can sustain the global wave of transitions for the future pharma world.
With the Pharmaceutical industry emerging big in terms of growth and sustainability at the global level, it is time for the country to prepare its future professionals well. The scope and opportunities in the sector will continue to expand in the times to come, as a result of which, establishing a career in the pharma domain would place you in a favorable position. This means that attaining high standards of industry-centric pharma education from a reputed institution would definitely make this career field much better and fruitful.
The Advanced Institute of Pharmacy, Palwal, regarded as the best private college in Faridabad, is one among the leading pharmacy colleges in the nation that offer highly industry-centric pharma education. The institute aims to produce efficient professionals with adept knowledge and learning in the field of pharmaceutical medicine. The practical-oriented learning methodology and holistic developmental approach of the institute have been devised to equip its pupils with the abilities and skills to cope up well with the industrial challenges and rise as a successful pharma professional.
AIP – Where Ambitious Minds are Groomed into Pharma Experts
The Advanced Institute of Pharmacy, Palwal was first established in 2007 with a view to providing job oriented professional courses in the field of pharmaceutical medicine. All Bachelors and Masters Courses at AIP are approved by AICTE and PCI and affiliated to Pt. B.D Sharma University of Health Sciences, while the Diploma courses are affiliated to Haryana State Board of Technical Education, Panchkula.
AIP is recognized as the Best Private College in Faridabad and offers an ideal platform for students to develop their overall skills and knowledge for the global pharma industry. State-of-the-art infrastructure with well-equipped laboratories and instruments provide students with the needed learning environment to train themselves for the real-world. The teaching pedagogy emphasizes collaborative learning between faculty and industry experts that helps students gain immense knowledge in the field and excel in the domain. Students from AIP are trained for placements in top pharma companies in the country through campus interview and direct recruitments.
Courses at AIP prepare students for the healthcare world and help them land on strategic positions with attractive remuneration. At AIP, we have high focus on Research and Development in the pharmaceutical industry, which makes our students well-equipped for the fast-developing pharma world. Our students are progressing and advancing in all aspects of learning and research capabilities, making them potential pharma professionals for the future economy.
The cutting-edge pedagogy and curriculum at AIP focus on practical elements of pharma domain such as instrumental techniques, research methodologies, pharmacy-based operations, etc. The institute lays special emphasis on providing its students with ample industry exposure to enable them to understand both the theoretical and practical aspects of pharmaceutical methods. Students are also given hands-on training through projects and are thoroughly groomed on practical skills, which also helps to improve their personal capabilities.
The prime aim of the Advanced Institute of Pharmacy is to develop creative and innovation skills in its students by providing them with adequate exposure to modern industry practices. With its hands-on training approach, the institute is on a mission to producing potential future professionals with excellence in the domain of pharmaceutical medicine.