As a prominent and rapidly growing sector, the presence of the Indian pharma industry in the global arena continues to expand. India, today, stands third on the list of world’s largest pharmaceutical industries in terms of volume. India occupies a 20% share of the global supply, accounting to one-tenth of the world’s production by volume and 1.5% by value. Inrecent years, the growth of the Indian pharma has witnessed a huge increase, and adding to that, the current pandemic has further spiked its progress in the global arena.
With more than 3,000 pharma companies and a strong network of manufacturing facilities, the Indian pharma market’s turnover has reached a whopping US$ 20.03 billion in 2019. India, as the largest provider of generic medicines globally, aims to establish itself as a global hub for end-to-end drug discovery in future. With the penetration of health insurance and healthcare spending on the rise, the pharma sector is slated for a phenomenal growth, paving the way for more employment and revenue opportunities in the sector.
As one of the largest pharma manufacturing hubs, employment opportunities in the Indian pharma sector are huge. The pharma industry’s efforts to empower the country’s manufacturing of generic medicines would ultimately result in largeremployment generation. There is an upward trend in employment opportunities in the pharma sector, as it contributes significantly in creating a rich talent pool of not only pharmaceutical professionals and researchers, but also administrative and project managers for the manufacturing hubs.
India, having the benefit of quality and cost-efficient manpower, attracts major pharma companies across the globe to have a subsidiary here. The increase in foreign investment will possibly give a kick to the employment potential of the sector, increasing job opportunities with pretty robust job growth for a protracted period of time. No doubt, the Indian healthcare sector has the potential to be amongst the highest employment generator for the country’s budding talents and unleash the entrepreneurial spirit.
The Indian pharma sector is witnessing tremendous growth with its quality and cost-effective production of generic medicines and exports. The high demand for Indian drugs due to its low cost and quality production is a real advantage for the nation. With the healthcare market size expanding, the pharma sector adds substantially to the country’s economic growth in terms of revenue.
India’s advantage of large-scale manufacturing and production of generic drugs allows it to significantly leverage the investment opportunities to generate revenue. As the investments in the sector continue to grow, more and more private players and international companies are entering into mergers & acquisitions with Indian pharmaceutical manufacturing units to gain new markets and drive further growth. Ramping up the exports in pharmaceutical drugs and boosting the supply of generic drugs across the globe alsocontributes adequately to the country in terms of revenue.
Despite all the pricing and cost headwinds, the Indian pharma industry remains a sunrise sector with a competitive advantage to leverage the country’s policy stability and ecosystem. The prevailing growth of the Indian pharma is capable of delivering strong impetus for India’s economy, thus accelerating the country’s economic growth and revenue by multifold.
The Indian healthcare and pharma sector is on the cusp of significant transformation. And this pace of transformation has made it necessary for professionals to invest in quality talent development and adapting to the needs of the industry. This is why attaining industry-centric pharma education in a reputed institute is vital for all those willing to make a career in the pharma industry of India.
To that end, we, at the K.R.Mangalam University, recognized among the leading private universities in Haryana,offer Bachelors and Master’s degree programs in Pharmacyat our School of Medical and Allied Sciences for the aspiring pharma professionals in the country. Our state-of-the-art infrastructure, cutting-edge curriculum, and eminent faculty add to the efficiency of the education imparted at our institute. At KRMU, we have laid a strong academic foundation for our students, with which we have been successfully producingdynamic and competent pharma professionals ever since.