Being one of the world’s third-largest industry by volume, and it is 14th in terms of value. and showing a growth at a quick pace that offers multiple opportunities for all the local and foreign investors in Indian Pharmaceutical industry. is a good thing to consider, There are about 12000 pharma companies in India that depict their growth and ease in doing such business in India. In India, about one million of the employees are working in different pharmaceutical companies. So, it is an excellent source of livelihood.
So, what are the leading reasons behind thriving pharma companies in India? Well, there are different notable and salient features that the companies have. Also, the quality and the price are other factors that people can afford such drugs easily. Let’s have a look at those parameters, which are the backbone behind the success of these companies.
- Largest Generic Drugs Manufacturers
Generic drugs are the exact copies of the brand drugs, and these generic drugs sometimes support big pharma. The dosage, side effects, and effects are the same as the brand drug, and these drugs are available at a very low price all over India. This is the reason that Indian generic drugs are famous around the world, and those who can’t afford branded drugs can buy these generic drugs. So, it is the main reason behind the evolution and success of the Pharma business in India.
- Disease Prevalence
The population in India is increasing at a rapid rate, and this needs more and more healthcare facilities for the general public. With time, several diseases have prevailed in the country, diabetes and cardiovascular diseases have increased at a horrible rate. The production of drugs and medication is directly related to disease prevalence. This is the reason that joining a pharma company is a never- ending business in India.
- Affordable Drugs
If you import drugs, it will cost you a lot. On the other hand, if you produce generic drugs in your country, then people will buy the product. India is already the largest market in the world when it comes to generic drug manufacturing. These drugs are available at low rates, so a pharma company in India will keep going as long as people are happily buying those drugs.
- Huge Export
IT and pharma sectors in India are doing an excellent job in exports, and these sectors are adding a lot to the economy of the country. India is exporting its high-quality drugs to the western world at the lowest price. No one would buy similar drugs at a high rate when they can have them at a low price. The drug industry in India is generating huge revenue through the sales of these drugs. It is directly linked with the livelihood of thousands of people. America is the biggest market for Indian drugs, and that’s why Indian pharmaceutical companies are thriving in the present era.
- Government Support
Pharmaceutical companies in India have great support from the Indian Government. Back in 2017, The Government of India announced to invest Rs 500 crores on pharma innovation up-gradation stores. The government also proposed to set up an investment reserve for the affordable advances to the local organizations. Another step was taken to help those people financially so that they can play their role in the smooth running of the pharma business in the country. The Government of India is shown its keen interest to make India a leading pharmaceutical producer of drugs till 2020.
So, the pharma business is blossoming in India by leaps and bounds recently. Nowadays the Pharmaceutical companies are doing an amazing job by creating employment opportunities for pharma graduates. According to the business experts, Pharmaceutical companies in India will touch the new skies of success in upcoming days due to their peak sales and revenues.
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