According to the recent study by the industry body, ASSOCHAM, it is estimated that the domestic generics market is likely to reach USD 27.9 billion from the current position of USD 13.1 billion. He further added that the current compound annual growth rate (CAGR) registered 16.3%, which is due to the approval of the manufacturers from the Food and Drug Administration (USFDA). The market is estimated to witness an 85% share of the national pharmaceutical market by 2020.
The growth of the national pharmaceutical market
The domestic pharmaceutical market, which stood at US$15.4 billion in 2014, is expected to expand at a CAGR of 13.3% to US$32.7 billion by 2020. With this, India is likely to rank in the top three major pharmaceutical markets by incremental growth and is the sixth largest market. globally in absolute size.
Who are the main export markets?
The major export markets for the nation’s pharmaceuticals are listed below, take a look-
America
Europe
Porcelain
Japan
Africa
In fact, India is the third largest exporter of drugs to the US market. The reason behind is the large number of USFDA approvals.
things that need attention
QA
Formulation of a Robust Supply Chain Network
Support to other states
Implementation of Modern Technology
High-end Infrastructure Development
Job opportunities abound
Job prospects are broad and far-reaching. The sector offers a wide range of career options for a person who wants to pursue a career in this sector. Given the pace of growth and development in this sector, jobs in the pharmaceutical industry are likely to increase in the coming years. There would be ample opportunities for candidates seeking work in the following:
Sale promotion
Marketing and consulting services
Retail/Wholesale Distribution
Product management
Data management
Public relations
ยท Investigation and development
Quality assurance and testing
Manufacturing
The Indian drug manufacturing market is in full swing, largely credited by the steady increase in population, growing economy and growing demand for Western medicines. Along with the booming pharmaceutical sector, jobs within the industry are also increasing at a fast rate.
Job Seekers Beware Indian Pharma Expo 2015!
The Indian Pharma Expo will be held on October 24-25, 2015 at Pragati Maidan, New Delhi. It will present the latest trends and technologies in pharmaceuticals, drugs and formulations. It is a golden opportunity for job seekers as well as companies as they have direct access to high profile senior pharmaceutical executives, buyers and contract manufacturers etc.