The pharma industry in India is a huge success and today there are a large number of people in India who are employed in this sector. There are many large scale and medium scale pharma companies in India and if you look at the price of the drugs and medicines sold in India then it is much less as compared to what is being sold by the western countries. This has led to a rise in demand for pharmaceutical exporters in India.
The Indian government has been taking all the steps to promote the pharma industry and the support towards this industry has increased with the recent COVID-19 condition.
Reasons behind what has led to the success of the Indian pharma industry
The Indian pharmaceutical industry is competing with the global market. Here are some of the reasons that have led to the huge success of the Indian pharmaceutical industry and to the success of the pharmaceutical products in India.
- Generic drugs – These are the drugs that are comparable to those that are being manufactured by the big brands. The generic drugs are in trend because of both quality and performance. However, the price of these generic drugs is very low in comparison to the prices at which the drugs are sold by the top brands. The genetic drug is also very efficient and this is the reason why the Indian pharma industry is today the third biggest manufacturers in the world.
- Exporting Indian pharma products to the western world – The pharma industry and the IT sector in India are pretty comparable. Both of these sectors are doing well. This is because of the easy availability and the low price as well as the high manpower quality that is found in India. This has led to even the smaller sized Indian pharma companies to be able to produce drugs at a very low price. In fact, a significant amount of drugs that are manufactured in India is exported to the United States.
- The government backs the pharma sector – The Indian government also offers very strong support to the pharma sector. This is one of the most encouraging factors for this industry. There is also an increase in foreign direct investment in this sector. This makes it easy for businesses in India to be able to set up a pharma manufacturing companies in India. This is because it is now possible to get foreign funding in this industry. The parent system that is associated with the pharmaceutical sector in India is also very agile and flexible. This enables the pharma industry to develop in a hassle-free manner.
- The IT sector of India supports the Indian pharma sector – The Indian IT sector is a major supporting factor for the Indian pharma sector. Because of the strong backup of this industry, it helps the pharma industry to grow in India.
There are a great many reasons for the success of the pharma industry. The pharma sector is highly successful in India and the industry looks promising in the future too. The industry is also capable of giving the widest offerings to many global platforms. The Indian government has played a pivotal role in the development and growth of the pharma industry. With the introduction of the excise free duty zones, it has led to the profitable and healthy growth of this industry.