Challenges involved in the Pharma Industry as a lucrative career option.
28 September 2021
Due to the covid-19 outbreak healthcare sector is growing across the globe. This has facilitated opening of career opportunities in the field of pharmaceutical sciences. The outbreak of covid-19 pandemic has pushed the pharmaceutical industry to innovate with use of digitisation. The current pandemic has brought the entire world to its knees and the whole world has observed the adverse catastrophe of this global pandemic.
According to the India brand equity foundation the Indian pharmaceutical sector supplies over 50% of the global demand for various vaccines. It also states that India is the largest provider of generic drugs globally. If we see the current state the demand for medicines is increasing day by day so the employment in the Pharma sector is also on the rise. As per the report of Indian economic survey (IES) 2021 in the next decade the pharmaceutical domestic market is expected to grow three times the pharmaceutical industry is currently valued at US $41.7 billion and is likely to reach US $65 billion by 2024 and further expand to reach US $120-130 billion by 2030.
According to sources of government statistics, over 300 institutions in paath diplomas or degrees to nearly 20,000 students in India. The pharmacy council of India is the regulatory body which has been designing the education regulations pertaining to pharmacy which outlines the conditions to be followed by pharmacy colleges institutions and universities.
It grants approval to the universities and colleges in India to run various programs in the domain of pharmacy.
But as increasingly the pharmaceutical industry is becoming lucrative as a career option. it also has its own challenges some of them are:
Fluctuations in price and changes in policy are the challenges created by unexpected and frequent domestic pricing policy changes in India one of the biggest challenges in the pharmaceutical industry in India is analysing the shift in customer behaviour and fluctuating prices.
Government supported research ecosystem is limited. The Indian pharmaceutical companies have been too slow to grow in the innovation space. To overcome this hurdle the government needs to invest in research and development initiatives, and talent in order to expand India's innovation base. A talent pool with advanced skills is limited in India as compared to other countries. There is also a huge gap between the college curriculum and industry requirements.
Pharmaceutical industry is a sales driven industry with the help of AI technologies,companies can gather information regarding targeting audiences and create unique marketing strategies for them. This way they can understand the needs of the market and can convert more leads into revenues.
More than 50% of the pharmaceutical ingredients are dependent on other countries such as China. Slight changes in policies can bring a big difference in the production of medicines and equipment (for example to fulfill the domestic consumption, America delays the export of raw material for manufacturing covid-19 vaccines which creates an extra burden on manufacturers in India). for a developing country, our government needs to create an environment for the healthcare startup so that companies in patients can coexist without burdening each other
The Indian Pharma industry is worth about $37 billion with exports accounting for about $18 billion. As compared to other countries the prices of medicines in India are among the lowest in the world. Despite the lowest prices of some of the medicines in the world, leading firms of India also have the capacity to not only serve the Indian market for essential drugs but also supply their drugs to the world