India is the world’s leading manufacturer of pharmaceutical products, with the industry ranking third in terms of volume. Because of its enormous contribution to the world, the industry is gaining more and more success these days.
The Indian pharmaceutical industry has a large workforce and low-cost manufacturing, making it a profitable deal for many foreign pharmaceutical companies. It has been observed that the pharmaceutical sector is growing at a rate of approximately 10% per year. This results in good growth and popularity of the pharma sector.
To demonstrate the tremendous growth of Indian pharmaceuticals over the last few decades, we bring you some reasons why and how we can provide quality medicines and drugs to society while growing faster.
5 Reasons behind the tremendous growth of the pharma sector
Manufacturing functionalized APIs
Active Pharma Ingredients (APIs) are the raw materials that go into manufacturing medicines. APIs are those ingredients that facilitate the intended health effects of the medicine. Many leading companies that manufacture specialized APIs are renounced for their immense contribution to alleviating the Indian healthcare system. Thus, The Indian pharmaceutical industry has earned its reputation worldwide for manufacturing over 500 different APIs.
Science behind pharmaceuticals
The Indian pharma industry is one of the biggest science-based industries in our nation. The country contributes through a large pool of scientists and engineers with the potential to help regulate the needs of the pharma industry to reach its heights. Thus, our special expertized engineers in the medical field fulfill the requirement of technology to meet the technological demands for innovation in the research centers to develop novel formulas.
The third largest market by volume
India is expanding at a great surprise by providing a wide variety of generic drugs worldwide. This is due to the pace of rising and thriving people in this industry which is growing at a CAGR (compound annual growth rate) of 9.43% for the past nine years. India has become a great supplier of over 50% of the global demand for various vaccines, 40% of generic demand in the US, and 25% of all medicine in the UK. This has made India one of the greatest suppliers of pharmaceuticals in the world.
Indian Pharma Marketing
The pharmaceutical products in India see a large margin of profits as they are driven by large foreign demands. As a result, pharma exports from India guarantee a promising number to Indian pharma companies. As a result, we have created strong marketing strategies with the right values that resulted in a large customer base. These strategies involve creating unique promotions for brand marketing through both online and offline sources. This has devised out-of-the-box promotional ideas leading to a huge success in sales.
Pharmaceuticals exportation
India has been the largest pharma producer that constitutes small-scale and large-scale pharma companies. These companies have become the largest exporters of bulk drugs and APIs which has created a value of around 6.5 million. Fully integrated pharma companies in India have more than 90% of their revenues derived from international operations. This is due to the government’s support, research capacity, and contract manufacturing services that help support the pharma industry in providing quality drugs to their maximum potential.
Conclusion
Unibiotech formulation is an excellent illustration of one such reputable pharmaceutical company that aims to achieve India’s pharma vision of excellence. We have helped the pharmaceutical industry grow by providing PCD franchises to new entrepreneurs for low-cost generic drugs of the highest quality.
We have established our growth in the pharmaceutical industry through careful planning and ongoing efforts to improve the quality and quantity of our products. As a result, we are working hard to spread health and happiness to Indian society to serve our nation with the best pharma therapy treatment.