The pharma sector has been developing tremendously in India. In return for this rapid growth, medical facilities and generic medicines are witnessing a sudden boost in the market. The cost of medicines has been reduced to rates that are cheaper even for a normal individual. The reach of the pharma companies have been ever expanding and now the consumers are increasing rapidly as well.
All of this is occurring due to the breakthrough of the Indian market as an optimum platform to launch and establish pharma companies and ventures. The business launched in India is reaching sky limits. It is now much easier for the pharma startups to launch their business in India rather than in western nations.
There are various essential factors that provide the optimum conditions for this upsurge –
- India has been the most likely place for business all around the globe as it provides cheapest resources at your doorsteps. Be its labor costs, land and transportation costs or establishment of the manufacturing units in India – everything gets easier and cheaper in the Indian market.
- Stands out vividly from the western countries. India with its growing roots in the pharma industry makes it impossible for the western countries to beat it. Moreover, the western nations are shifting their business and manufacturing units in India to generate greater sales and marketing. This is creating greater opportunities for employment as well.
- The robust Research and Development units.With the presence of a solid infrastructure in the pharma industry, R&D also becomes an essential part of the pharma sector. India, being technically superior to other countries, provides individuals that are best suited for the development of new medicines and inventions. The technical competence of the country is unbeatable.
- Cheapest manpower available. India is a country which offers the cheapest manpower to the global market. Thus, the western nations look forth to India for developing and manufacturing their products and business setups. It becomes much easier and cheaper.
- Exploring new avenues in the pharma sector. The cost-cutting margins are huge in India, which enables the companies to try their hands in various other fields as well. It creates tremendous opportunities and possibilities.
- The production costs of medicines are low. As compared to the western countries, the cost of production in India is relatively lower. Due to this fact, the global market looks up to India for expanding their business and reach out to large consumer density.
- Indian ranking in the global market. According to the USFDA approved list for the largest number of pharma manufacturing plants, India stands out at the second position. This clears all doubts that remainin the mind of some people who think that India produces lower quality products.
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India is going to be at the top of the worldwide pharma sector and would be the hotspot for business and employment opportunities very soon. Its per capita sales and marketing techniques are improving the standards and every individual can now get benefit from these facilities.
The growth rate of per capita sales in pharma companies in 2016 has been 17.6 percent. Particularly, aided by the presence of PCD pharma franchise, businesses are growing their reach towards the consumers.