Medicinal industry, also known as the pharmaceutical drugs field, is a profoundly profitable place to be invested in, as health care industries are never deprived in any condition. An apt management is required as these drugs are undoubtedly beneficial for cure, precaution, treatment and diagnosis of multiple diseases and illness symptoms. Drugs, besides being a crucial part of the health industry, go constantly under experiments for various medicinal discoveries.
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India, in the field of pharmaceutical industry stands on third position in terms of volume. While US $21.04 billion was the turnover of the Pharmaceutical Industry in India in 2009, the industry in the United States holds a market share of $ 14 billion. India has a speedy segment, drugs industry, in the manufacturing sector where growth per annum is 14 percent, and is forecasted to grow even more in future.
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This hike of this industry is expected based on several measures, such as if the quantity is higher than usual and its cost less, it would be considered as a benefit, plus, industry consolidations, mergers and acquisitions, and high growth of contract manufacturing.
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Revenue, Sales, and Demands of Pharmaceutical Drugs in India
Along with 6000 firms working with this industry, as per Federation of Indian Chambers and Commerce and Industry (FCCI), more than 100 big and smaller companies are engaged which has sales ranging from USD 650,000, around 200 companies with sales of USD 210,400 to USD 650,000, and 5700 small companies with sales of around USD 210,400.
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India, being one of the largest producers of generic drugs, has become a market owner of it. More than its own usage, it specializes in exporting most of its generic drugs to other countries including the United States and China. India is responsible for bulk formulation of 70% of medicinal drugs all over the world. Additionally, 50% of the vaccines are delivered from India to various countries including the United States and the United Kingdom. Besides being the largest producer of generic drugs, it consumes nearly USD 4.50 per person annually, while on the other hand, the United States and China consume USD 820 and USD 13 respectively comparatively lower than Indian annual consumption. Moreover, Indian drug market produces approximately 400 bulk drugs dealing in 60 varied categories, hence as a result producing 60,000 generic brands of its own. Before, it can be easily said that India holds a bright future in Pharma Industry aspirants demand and production. Working with industry will have a lot of opportunities in the near future for the youth to explore; also it will benefit the business expanders looking for higher growth, a step ahead.
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In 2019, the drugs industry was approximately worth $1.2 trillion and is forecasted to reach $1.5 trillion by 2024.
- Additional Opportunities in Pharma Industry -
With increasing population comes the demand for more drugs supply, though challenging, it will be an opportunity for the pharma sector to produce more drugs and have benefits of it, worldwide. Another opportunity comes with the virtual world during this modernization has provided us various platforms for the patients to sit at home and get the prescribed medicine for their depriving health. In addition to this they can also order medicine sitting at home from the chemist shops as per the prescription where they don't have to go out see a doctor and get the medicine. It can be taken as an opportunity for the weaker ones especially one who are VI cricket above 60 to get treated at an ease from their convenience.
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For more details, you are requested to get a copy of a book, Investment Opportunity in Drugs and Pharmaceutical Projects, by NPCS which carries a detailed description of pharmaceutical industries in India and various other aspects of this industry which is beneficial for business ventures and expanders.
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