The is a booming industry with sales and marketing executives working extensively for its widespread. However, a new model will now takeover with a major shift in pharmaceutical industry from mass market to target market methodology in order to augment profits. The future of the pharma industry seems to be very bright in India as it is the third largest pharma industry throughout the world. The Indian pharmaceutical industry is emerging as the best industry to invest in, thru the world and many multinational pharma companies are doing fairly well in India in comparison to other countries worldwide. The industry has low risks with augmented returns and great potential of growth due to which several investors are directed towards the industry.
The government of India has introduced privatization and globalization of the pharma industry which has augmented the growth and with great incentives for development and research in this sector, the industry is gaining new heights. The government also provided several financial policies to the companies in order to carry out research and development. Many other processes were also introduced which will make the future of pharma industry very optimistic. The future of Indian pharmaceutical industry foresees that our country will reach to top 3 positions in the global market by the year 2020 in terms of pharma with awesome growth. Even today, about 20% of generic medicines are exported thru the world from India and the industry has all the potential of growth with skilled workers, technical aptitude and low cost production. With the increase in the number of pharma companies, there is scope for more employment for the populace and thus the future is foreseen as very bright.
In the future the industry will require exhibiting to the patients that their brand is a premium one and will need to offer a complete package with health services and their products in order to get exceptional payments for their brand. The marketing and sales function will change drastically to get higher growth in the future and several changes are expected in the business settings, which will further influence the growth in the pharma sector. The business models which are presently functioning will however not be apt for the year 2020 and more innovation in collaboration is required to acquire desired growth in the sector.
In the future the companies will require amplifying supply chain models for different products for different patients and utilize the chain to differentiate the market. Around 75 percent of renowned companies worldwide are Indian and the future of the companies is very bright. With the development of pharma companies, the economic growth of the country will also augment which will enhance the welfare of the people. With the availability of a large quantity of raw materials and skilled workers India is becoming a hub of manufacturing and research. Cost of manufacturing medicines is around 35-40 percent lower in India as compared to the USA due to low cost of installation and labor. With the introduction of GST in the market, pharma companies are expected to get a major boost as their tax structure is simplified. Major increase in exports and controlling of imports is also strengthening the sector along with several government policies to help in the production and research.