Domestic Pharmaceutical Market A Huge Expansion of Market by 2023

1. Domestic Pharmaceutical Market: A Huge Expansion of Market by 2023

2. Domestic Pharmaceutical Market: A Huge Expansion of Market by 2023 • India's domestic pharmaceutical industry is the foundation of its healthcare system. This industry includes essential functions like clinical research, manufacturing, and focused vaccine development. • With India ranking 3rd in pharmaceutical manufacturing by volume and 14th by value, it is evident that the country's pharmaceutical market is on a steady growth trajectory. • The importance of the Indian pharmaceutical sector becomes even more apparent when considering its substantial contributions to global vaccine production, accounting for a 60% share. Not only that, but the industry plays a vital role in meeting 40% to 70% of the World Health Organisation's demand for many essential vaccines. • You must be wondering how India is doing so well in the pharmaceutical industry. Read this article to know what factors are driving this expansion and what the future holds for this industry.

3. Factors Driving the Expansion of the Domestic Pharmaceutical Market • 1. Favorable Government Policies • The Indian government recognizes the importance of a medicine manufacturing company. It has introduced a range of initiatives to support its development. For example, tax benefits like exemptions or lower tax rates. • 2. Increasing Chronic Disease Burden • Chronic diseases like diabetes and heart problems are increasing in India. This has created a higher demand for medicines and healthcare services to treat these conditions. • This has made pharmaceutical manufacturing companies create a wider variety of drugs and therapies. They are developing specialized medications and new treatment options. • 3. Growing Healthcare Infrastructure • The establishment of new hospitals and pharmacies across the country has brought medical care closer to people, especially in previously deficient areas. • 4. Rising Medical Tourism • India has become a famous destination for medical tourism. It is attracting many international patients seeking high-quality, affordable healthcare services.

4. Factors Driving the Expansion of the Domestic Pharmaceutical Market • 1. Favorable Government Policies • The Indian government recognizes the importance of a medicine manufacturing company. It has introduced a range of initiatives to support its development. For example, tax benefits like exemptions or lower tax rates. • 2. Increasing Chronic Disease Burden • Chronic diseases like diabetes and heart problems are increasing in India. This has created a higher demand for medicines and healthcare services to treat these conditions. • This has made pharmaceutical manufacturing companies create a wider variety of drugs and therapies. They are developing specialized medications and new treatment options. • 3. Growing Healthcare Infrastructure • The establishment of new hospitals and pharmacies across the country has brought medical care closer to people, especially in previously deficient areas. • 4. Rising Medical Tourism • India has become a famous destination for medical tourism. It is attracting many international patients seeking high-quality, affordable healthcare services.

5. Challenges Faced by the Domestic Pharmaceutical Market • 1. Intellectual Property Rights (IPR) Concerns • Protecting intellectual property rights is crucial for innovation in the pharmaceutical manufacturingindustry. • 2. Pricing Pressures • The Indian market is known for its price sensitivity and constant demand for affordable medicines. Pharmaceutical companies often face challenges balancing the need for affordable pharmaceutical drugs with rising manufacturing costs. • 3. Regulatory Compliance • The pharma manufacturing industry operates under strict regulations to ensure medicines' safety and efficacy. This can be challenging for tiny and medium-sized enterprises. • 4. Counterfeit Drugs • The prevalence of counterfeit drugs is a significant concern in India. It affects patient health and reduces trust in the pharmaceutical industry. Combatting counterfeit drugs requires potent regulatory enforcement and public awareness campaigns.

6. Future Outlook and Projections • 1. Precision Medicine • Precision medicine delivers personalized treatments based on a patient's genetic profile and disease characteristics. This approach moves away from the traditional one-size-fits-all medical scenario. • 2. Biologics and Biosimilars • Biologics, derived from living organisms such as cells or tissues, have revolutionized the treatment landscape for complex diseases. These innovative therapies offer targeted approaches by interacting with specific molecular targets in the body. • 3. Artificial Intelligence and Machine Learning • These advanced technologies can analyze extensive healthcare data at phenomenal speed and scale. This includes genetic information, scientific literature, etc. • 4. Digital Health Solutions • Digital health solutions are changing healthcare by using technology to make it easier for people to get care.

7. Contact Us • Address: 203, Anmol Business Centre, Vrundavan Colony, Near Navrang School Six Roads, Navrangpura, Ahmedabad, Gujarat 380009 • Phone: 079 2640 5517 • Email: info@mediwinpharma.com • Website: http://www.mediwinpharma.com/