Government Policies To Future Concerns for Pharma Industry
The main concern for the pharmaceuticals market is the quality standard as per industry experts. India is the largest manufacturer and exporter of generic drugs and APIs across the world. We account to 20% of the world [pharma experts in terms of volume. Due to reverse engineering technology, our country has bragged the status of being affordable when it comes to production. Thus, laying more focus on quality of drug medicines while maintaining big quantity. The government has shown interest in this blooming industry by retrieving and shape shifting the policies for better healthcare system in India.
Indian pharmaceuticals industry faces to basic threat. The major and only concern is the standard of drugs that are supplied in the market. The pharma sector is 70% generic sharing 21 per cent is over-the-counter (OTC) and 9 percent is oriented. The medical and healthcare expenses here are less and only a small portion of GDP is spent on it on comparison to 4 to 5 % of other countries. Systematic approach has helped build a barrier against threats to the sector for now.
Latest Scenario Of the Pharmaceuticals Industry
Back in 1970s the manufacturers did not follow the standards seriously. It was easy to establish units, plants and produce them. Post 48 years down the lane, India is more concentrated on quality rather quantity and this could only be achieved through smooth policy, rules & regulations standards.
Past changes in policies and regulations like demonetization and Goods and Service Tax (GST) has negatively affected the industry in slow growth. A double digit growth has been witnessed post 18 months i.e. 10.8% in May’2018. This is a decent growth which is slowing catching up the pace. The government is trying to build market policies stronger and thus, these policy guidelines keep on changing.
One side it makes the manufacturers and suppliers confused and mostly are unknown regarding the ongoing frequent changes. The other side, it shows positivity that India is moving forward to better side. The perspective of having a compatible and efficient regulatory system is the demand where countries are divided into regulated, semi-regulated and non-regulated.
Policies for the Pharmaceuticals Industry by The Government of India
Maintaining the standard of drugs manufacturing is very important. We, bring amongst the trustable name in the global industry look forward at meeting quality solutions. As per an expert, there have been many instances here which are lookup as challenged to the Indian pharma sector. Many companies in pursuit to attaining large production, compromises over standards of the drugs. The government is strategizing and working more in implementing better standard guidelines for all. This engrossment in policy making is expected help the sector growth in the long run. Though the short run may see many ifs and buts as government is still on the task of taking resilient decisions.
The endless opportunities and greater scope in the market is the biggest advantage of the industry. Even today, there many small cities, towns and villages who do not get proper medicines. The government is trying to meet all the ends to serve all the strata of the society.
Future of the Pharma Industry
PIC/S (Pharmaceutical Inspection Co-operation Scheme) is attracting interest from around the globe. It a non-binding international development, implementation and maintenance of Good Manufacturing Practice and Regulatory Authorities in field of drug products and medicines. Countries like Vietnam and Uzbekistan have also shown their interest and India is in the talks of becoming a part of India. On the other hand, China has exempted import tariffs (duties) from May 1, 2018 for 28 drugs which include all cancer drugs. This has effect the Indian sector but the impact will be slow yet big.
Conclusion
The growth of this industry is heavily relied on policies and companies are striking a good coordination. Production and manufacturing has been taken in quality forms by the company and being offered ofr PCD franchise which is helping in increasing the sales demand across the nation. The barrier of meeting the healthcare demands in remote and small areas and bringing business opportunities area can be easily solved