Competitiveness of Indian Pharmaceutical Industry– Areas Needing Attention

Abstract

Indian Pharmaceutical Industry is one of vibrant and competent industry in global arena. Presently, Indian pharmaceutical industry offers great variety of life solutions to its domestic and global customers. It is  attracting  global Pharmaceutical industry  attention as destination for its knowledge solutions in terms Clinical trials, contract manufacturing and R&D. However, Indian enjoys very little share in global market and promises to grow at rapid pace provided ,if, researchers, industrialist, consultants, and government join hands together to address the all compelling current, and future issues and challenges.

Myriad issues are involved in survival, growth and development of Drug and Pharmaceutical sector. It cannot be treated on par with other industries for simple reason that, Pharmaceutical industry is dealing with Human being and their physical and psychological ailments. Due this reason Pharmaceutical industry has social responsibility more than commercial responsibility.

Drug and Pharmaceutical Industry has to address several issues viz. environmental issues, Intellectual Property Rights, Increasing Foreign players’ presence in Domestic market, providing Medicines at affordable Price with adequate quality. It has to satisfy all the necessary legal and ethical standards. In addition to that, for being a competent player in volatile environment, Pharmaceutical company  requires to focus their attention on constant Research and Development, Support from the government..