Pharmaceutical Industry in India – A Key Player in Outsourced Medical Research

The pharmaceutical industry in India has become a powerful and self reliant industry during the last decade. This industry has been growing even when the other industries have shown declination in their business. By 1980s, India had become the leading producer of drugs devoid of patent protection. The Indian Pharmaceuticals had moved on to making drugs for cancer and AIDS. From 1990 onwards, this industry had acquired a modified role of utilizing a direct to consumer way of advertising and producing SSRIs such as Prozac. With the high revenue from many drugs which were a runaway success, this industry expanded from the 1990s to the 2000.

The state health care industries in India
The Indian healthcare industry is considered to be one of the most profitable markets and is on the way to expand further according to the latest reports. India is more competitive because of the low cost and the sophisticated treatments offered at hospitals. There are many key trends which are boosting the healthcare sector in India. Medical city is one of the latest concepts offering great opportunities. Similarly, there are great prospects for day care surgery. The latest infrastructure is known to maintain around 60% of surgeries if done on a day care method.

The pharmaceutical industry in India is one of the countries which are all set to receive the highest R&D dollars, ahead of countries like Russia, China, Israel, Philippines, Canada and Ireland. India has the advantage of having sophisticated infrastructure and the highest English speaking clinical community with graduates who are trained in the west. The affordable operations, remarkable quality management and technology have made it one of the most sought after countries.

Standing in the world
The Pharmaceutical industry in India is the third largest in the world today in volume and ranks 14th in terms of value. The sales of every kind of drugs in the country are all set to reach US$ 19.22 billion in the year 2012. The exports of pharmaceutical items from India have also increased and have joined the league of the top 10 pharmaceutical companies in the global market currently. The Indian pharmaceutical companies have made a mark in both the world market and the Indian market with their skills in reverse processing and manufacturing low cost medicines.

The Healthcare industry in India is controlled mostly by major foreign companies, though there are many purely Indian pharmaceutical companies too. The foreign companies have subsidiaries in this country, mainly because of the availability of cheap labor. However, the 1970 Patent Act permits multinationals only 35% of representation in the market, which has decreased by 70% than what it was thirty years before. The domestic pharmaceuticals companies in India is a blend of private and public enterprise, like all the other businesses in this country. In the global market, India currently has a modest share of 1.2%; however, it has been growing around 10% yearly. Indian has managed to grip the global market with its new engineered generic medicines and active pharmaceutical elements.