The developments in the Pharma and Wellness sector have borne significant results on Indian society. There were times when the life expectancy rate was dismal, 42 years, as per Statistics of Union Ministry of Health and Family Welfare. However, the gradual developments in the medical sector have facilitated in escalating the life expectancy rate in India.
How Developments In Pharma Sector Impacted The Indian Lives
After the invention of crucial drugs, many ailments can be treated with the passing time. Diseases such as CANCER, AIDS and Syphilis were untreatable earlier. Nonetheless, in the twenty-first century, medicinal drugs and medical treatments are easily available to cure these life-threatening diseases.
According to the released statistics by Union Ministry of Health and Family Welfare, the life expectancy rate in India has gone up by five years, from 62.3 years for males and 63.9 years for females in 2001-2005 to 67.3 years and 69.6 years respectively in 2011-2015., as reported by the Indian daily news, Times of India.
More so, Infant mortality ratio has gone down to 42 in 2012 from 58 per thousand births in 2005, as reported by the Indian daily news, Times of India.
“Maternal mortality ratio has declined from 301 per one million births in 2001-03 to 212 in 2007-09.” informed the health ministry.
Various factors contribute to the surging rates of life expectancy ratio. The pharmaceutical industry is although a crucial proponent amongst all.
Powering Pharmaceutical Sector
At present, the Indian pharmaceutical industry is the largest producer of generic drugs. The industry supplies plus 50 per cent vaccinations which are demanded globally. Further, it alone meets the generic demand in the United States and 25 per cent in the United Kingdom, as reported by IBEF (Indian Brand Equity Foundation).
It is anticipated that a CAGR of the pharmaceutical industry will reach $ 55 billion in 2015-2020. In order to increment the Indian pharmaceutical sector rapidly, the Indian government has permitted 100 per cent Foreign Direct Investment (FDI). After the revision in FDI rules, major developments in the sector are witnessed which are as follows:
The aforementioned information has been reported by the Indian government’s web portal, IBEF.
Why Entrepreneurs Should Enter In The Pharma Industry
The Indian pharma industry is adapting novel technologies and medicinal practices steadily. Since the pharma industry is a nascent sector, there are lesser players in the market today. By doing amendments in FDI rules (for the pharmaceutical industry), it is clear that the government desires entrepreneurial forays to occur in the sector and help to expand the sector.
The entrepreneurs should make use of this opportunity and begin intriguing in the pharmaceutical sector. The sector includes a huge scope which makes it a worthwhile opportunity for private owners to enter.
Business owners can witness different opportunities in the pharma sector, from drug manufacturing to designing products. Since there is a huge band of opportunities available in the sector, entrepreneurs can initiate any business with minimal value.
Currently, there is a massive dearth of drug manufacturing companies. To fulfil the gap, the Ministry of Chemical and Petrochemicals plans to set up institutes, chemical hubs and research centres. After knowing this information, the interested businessmen can study the present drug manufacturing businesses and then, start their own ventures.
2. The Dearth Of Medical Products
Like the dearth of medicinal drugs, there is also a scarcity of manufacturing firms who prepare medical products. Viewing this gap, entrepreneurs can opt-in and initiate the business of manufacturing medical products.
3. Lack Of Supply Of Generic Drugs
Manufacturing generic drug is another interesting business in the pharmaceutical industry. By initiating the business in that, the supply of the generic drugs will be regular to the market and enable easily availability of generic drugs.
These reasons exhibit a wide demand for enterprises in the pharmaceutical industry. Considering
this demand, entrepreneurs should invest in the sector or initiate a pharma business.