The Indian Pharmaceutical Industry has been incredibly honest with its strength. India has established a reputation for itself and is now referred to as “The Pharmacy of the World” in some areas. India’s reputation is mostly a result of its strong foothold in vaccination and generic medicines.
Without any doubt, the pharmaceutical industry in India is a shining example of what talented people and sound policy can produce. The Government’s Patents Act 1970, which was introduced by the GOI in the 1970s, recognised process patents but not product patents. This meant that the patenting system was only concerned with manufacturing, allowing domestic pharmaceutical firms to profit from the production of pharmaceuticals without having to pay royalties to the original patent holders.
Approximately 2200 pharmaceutical businesses operated in India in 1970, and that number rose to 24,000 in 1995, according to sources. The bulk of pharmaceutical companies in India are tiny businesses with annual revenues of less than $5 million USD. In order to meet the demand of the business, Top Pharmacy Colleges in India have grown as a result of the growth of pharmaceutical companies.
The domestic pharmaceutical market in India grew at a rate of 17.7% in 2021, up from 13.7% in July 2020. By 2024, India’s market is expected to grow from its current size of USD 42 billion to USD 65 billion. All these facts clearly state that the future of the pharmaceutical industry in India is bright.
Reasons promoting India’s pharmaceutical industry’s growth
India has a sizable talented workforce with skilled pharmacists. The pharmaceutical industry’s capacity to create generic pharmaceuticals at a significantly lower cost is largely attributable to the qualified experts that work there.
India has a big pharmaceutical product manufacturing industry, providing it with a lot greater production flexibility. Over 10,000 manufacturing facilities and 3000 pharmaceutical businesses are located in India. Among them, 584 facilities have US FDA approval, 1,105 have Europe’s Certificate of Suitability (CEPs), 253 have EDQM approval, and 2,000 of them have WHO GMP approval.
The penetration of pharmaceutical items across the nation is significantly impacted by the growth of e-pharmacy. According to research and markets, prescription pharmaceuticals hold a 66% share of the market, but e-pharmacy is expanding at a rate of 21.28% annually.
Career scope in pharmaceutical industry
It would be ideal for making a career in the pharmaceutical industry. The pharmaceutical industry has many job openings and competitive salaries. Aspirants with a B.Sc. or M.Sc. in Pharmaceutical Chemistry have tremendous job opportunities in the country. They can pursue lucrative positions in pharmaceutical companies and industries, government labs like the Food and Drug Administration, and industrial settings, where they can work in production and sales, research and development, quality assurance, and drug inspector/controller, etc. In India, an M.Sc. in Pharmaceutical Chemistry graduate can earn a salary package between INR 4 to 20 LPA. Besides, there is a great demand for Indian talent in overseas markets.