Pharmaceutical Manufacturers in India- We are aware of the Indian pharmaceutical industry’s stunning performance over the last few years. The pharma industry in India has gained momentum and demonstrated a striking growth pattern. Several factors can be attributed to the success of the Indian pharma sector. Some of these are comparably low costs of production, skilled labor, sound Research & Development resources, improved infrastructure, government aid, etc. The pharma manufacturers in India have witnessed consistent growth that has encouraged the international pharma manufacturers to converge in India for setting up manufacturing operations.
Since the cost of production in India is significantly lower, almost 33% lower in comparison to the USA and Europe, therefore foreign companies are very likely to invest in the pharma market in India. Thus, both the pharma manufacturers in India and the international players enjoy a fair share of the pharma market in India.
Better Understanding of the benefits that the Pharma Industry in India Enjoys
The low production cost enjoyed by the pharmaceutical manufacturers in India is due to the availability of cheap labor. As discussed above, the labor cost in India is almost 33-50% cheaper than its western counterparts. This wide gap is advantageous to the pharma manufacturers in India. In addition to a lower labor cost, the easy availability of skilled labor is a boon for the pharma manufacturers in India.
Cost efficiency is another benefit that is widely enjoyed by the pharma industry in India. Since the cost of production is significantly lower, the risk is low and hence the companies do not hesitate to move out of their comfort zone and try different options. There is no dearth of options in this sector, thus, the sector is always offering business and job opportunities to the people of India. Moreover, the pharma companies outside India lack the same competence level that is always exhibited by the top 10 pharma companies in India.
Not many know that India as a nation ranks 2nd in terms of the total number of pharma manufacturing facilities approved by the USFDA (excluding the USA). The pharma companies operating these manufacturing units are USFDA certified and hence develop high-quality generic medicines.
Since the benefits enjoyed by the pharma companies in India are manifold, many new players are joining the industry in hope of reaching the same success status as the established ones. The figures show an increase of 17.6% in the per capita sales made by the pharma manufacturers in India in recent years.
These benefits serve as goodwill for the people of India who are able to buy medicines at affordable prices. An increase in income has also led to an increasing purchasing power which when coupled with an improved health care insurance system and better healthcare facilities in vicinity results in a healthy society.
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