Indian Pharmaceutical industry is one of the largest industries in the world. Due to the recent changes such as patent laws, strong GDP growth, the rising use of generics, high-cost competitiveness, large scientific research force and increasing R&D partnerships, the pharma companies in India set to become leading pharmaceutical markets in the world. It is estimated to be around USD 36 Billion.
The unique characteristics of Pharma Companies in India are a low-cost advantage, larger and diverse patient tools, a sizable number of skilled scientists, branded generics dominate, etc. Until the 1980s India was a net importer of pharmaceutical products. Due to the shift in government policies and the presence of foreign companies, the transformation of the pharma industry in India began in the 1990s. Since then, the pharma industry struggled and went through many challenges. The Indian Pharmaceutical Industry slowly began to change from manufacturing generics to developing innovative drugs.
Today, emerging technologies play a significant role in the development of various industries around the world. So the pharma industry is also not left behind. Pharma companies are continuously looking out for numerous means of innovation that would help the industry to grow and overcome different challenges laid in front of them.
Indian pharma companies are slowly shifting from traditional methods of manufacturing, selling, and marketing of medicines, drug development to more innovative systems and technologies. Technologies like mobile computing, analytics, social networking, and cloud computing help to create new ways for researches, accessible drug discovery, effective patient-doctor interaction. Innovative technologies in pharma will play a key role in addressing key challenges, improving operational efficiency and amplifying the performance of pharma companies.
The journey from generic to innovation has just begun for the Indian pharmaceutical companies. The spirit of enterprise drives the journey. The willingness and capacity to take risks fuels its growth. The technical education, access to skilled manpower and their exposure to global multinationals are acting as catalysts.