According to the recent study by the industry body, ASSOCHAM, it is estimated that the domestic generic 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 manufacturers’ approval from the Food and Drug Administration (USFDA). The market is estimated to witness an 85% share of the domestic pharmaceutical market by 2020.
The growth of the national pharmaceutical market
The domestic pharmaceutical market, which stood at USD 15.4 billion in 2014, is expected to expand at a CAGR of 13.3% to USD 32.7 billion by 2020. With this, India is likely to rank among the top three 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
Formulating a Robust Supply Chain Network
Support to other states
Implementation of Modern Technology
Development of High-End Infrastructure
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 rate of growth and development of this sector, it is likely that jobs in the pharmaceutical industry will increase in the coming years. There would be ample opportunities for job seeking candidates in the following:
Sale promotion
Marketing and consulting services
Retail/Wholesale Distribution
· Product management
Data management
Public relations
· Investigation and development
Quality Assurance and Testing
Manufacturing
The Indian drug manufacturing market is in full swing, largely accredited by the steady increase in population, growing economy, and growing demand for Western drugs. Along with the booming pharmaceutical sector, jobs within the industry are also increasing at a rapid rate.
Job Seekers Beware Indian Pharma Expo 2015!
The Indian Pharma Expo will be held on 24-25 October 2015 at Pragati Maidan, New Delhi. It will present the latest trends and technologies in pharmaceuticals, medicines 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, contract buyers and manufacturers etc.