India can dominate the pharmaceutical market by producing affordable drugs because everyone likes cost effective medicines.
We are the pharmacy in the world because we are the largest vaccine producer in the world.
India supplies 40% generics to the US & over 50% vaccines to the world.
We have a talented workforce employing better production facilities because everyone wants low-cost drugs .
We have maximum USFDA approved manufacturing plants because we adhere to quality metrics helping us dominate the global pharmaceutical market.
India’s skilled workforce is attracting global Pharma companies to collaborate with Indian firms & establish joint manufacturing entities because lower costs increase profits.
India’s huge domestic market is attracting MNCs to set up shop because India is a growing economy with robust demand.
Our talent has proved by developing Covaxin India’s indigenous Corona vaccine because our gigantic population causes local production of vaccines.
We attribute the Pharmaceutical Industry’s excellence to the intense competition in the domestic market because this causes affordable drugs.
India’s qualified workforce is an asset because through R & D, they produce low-cost drugs for exports.
In 1969 Indian firms had a 5% share of the domestics market while foreign firms captured 95%. Today Indian firms dominate 85% of this market & foreign firms 15% because we have reduced prices through lost cost manufacturing.
The highest USFDA approved manufacturing plants allow us to produce quality drugs which we export, helping India dominate the Pharmaceutical market.
India can dominate the Pharmaceutical Market through sops
The GOI is incentivizing local production of molecules because they are crucial for self-sustenance.
The government’s Rs 17000 crores Production Linked Incentive (PLI) scheme fosters local production because new molecule development is vital for capturing the global market.
We need to support the pharmaceutical industry because it can do more than what the back office industry did in the 2000s.
Companies have realized that they should establish manufacturing in India because of the availability of a talented workforce.
India can dominate the Pharmaceutical market by investing in R & D because developing new molecules is critical.
If we can develop new molecules at low costs, we can dominate the Pharmaceutical market because all need low-cost medicines.
The government acknowledges the importance of this sector because it contributes 1.7% to our GDP.
For fostering innovations, we should nurture an innovative mindset at pharmacy colleges because they train the Pharma workforce of the country.
Onus lies on HEI
Colleges should create an infrastructure that inspires research because R & D is crucial for dominating the global pharmaceutical market.
They should foster collaboration with CSIR, NIV & ICMR because they are the echelons of R & D.
In key areas, colleges should jointly conduct research because this fosters problem solving critical for skill enhancement.
We should streamline the curriculum according to industry because this inculcates industrial skills vital for job.
The faculty at Pharma colleges should inspire students to conduct research because this encourages them for product development.
Young professional, if guided well, can turn the tables because they are full of energy.
Once they understand the benefits of innovation, they can endure in labs because new product development is crucial for survival.
By running formulation contests in colleges India can dominate the pharmaceutical sector because this fosters critical thinking.
Faculty should show the outcome in labs because this promotes application based understanding vital for innovation.
Through tax sops & VC funding, we should motivate Pharma companies for innovation because R & D requires capital investment.
The results may show up in years because clinical trials are crucial for establishing the credibility of molecules.
The impetus should be on hands on training because this fosters critical thinking vital for innovation.
Rather than completing syllabus, faculty should inspire students to undertake projects because they nurture innovative skills.
The Department of Science & technology should run drug contests because this nurtures problem solving a precious trait.
