Business development plan for pharma will therefore focus on increasing distribution

Since the beginning of humanity, diseases and treatments are now an integral aspect of life. Health issues are growing and along as a result, the business of pharmaceuticals. Pharmaceutical companies offer medicine or medications that are needed to treat medical conditions. In the past, in India the medicines were supplied by multinational corporations. But, this monopoly was ended in India’s Indian manufacturing of pharmaceuticals taking a new direction in the 1970s , with the passing by the Indian Patent Act that allowed local growth of the pharmaceutical industry.

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In the present it is estimated that the Indian pharmaceutical business is the third largest industry in the world, in terms of volume, and 14th for value. It is predicted to exceed US $20 billion, and will soon make the the top 10 worldwide pharmaceutical markets. The future of Indian business of pharmaceuticals appears positive due to the growth in the demand in generic APIs and India is now one of the leading producers for these generic Active Pharmaceutical Ingredients (APIs). The ability to develop technology and a skilled workforce have contributed to the growth of the pharmaceutical business development. Additionally, the affordability of rates has played an important role in the growth of the business in pharmaceuticals. This is why the Indian pharmaceutical industry is flourishing at a rate of 13.7 percent.

In addition numerous Indian firms have been successful in the world market by forming partnerships with a number of multinational corporations for research and development of diseases such as cancer AIDS or other illnesses. What is a major factor in Indian pharmaceutical business’s growth is outsourcing by MNCs that seek an improvement in the cost of manufacturing. The only drawback here is that the MNCs are pushing “authorised generics,” that entrap the local pharmaceutical firms in costly lawsuits.

The business development plan for pharma will therefore focus on increasing distribution and exploring new markets in the international market. In order to achieve this the pharmaceutical industry has to adopt more innovative marketing methods. To grow the business of pharmaceuticals investing on the research and development (R&D) to create new products is essential.

Another factor that require attention for pharmaceutical business development is that of the facilities for infrastructure in India that are preventing expansion through frequent power cuts and inadequate transportation infrastructure. In the future, the Indian pharmaceutical industry must to take advantage of the developments made in Biotechnology and information Technology. In addition, the cost factor is to be controlled and not impede the introduction of new products.

In the Indian drug business’s rate of growth recorded an increase of 25% over the last year. So, India’s Government of India has reduced payments to the research organization in the budget for 2010. The Indian pharmaceutical industry is not yet to fully realize its potential. However, it doesn’t appear to be too far away with the right strategies in research, marketing and development.