Industry experts are predicting a bright future for India’s pharmaceutical industry in 2023. There is expected to be a greater emphasis on quality manufacturing, drug affordability, and adoption of innovative technologies in the sector.
A recent EY FICCI report estimates that the Indian pharmaceutical market will reach a value of $130 billion by 2030, and the global market size of pharmaceutical products is estimated to cross over the $1 trillion mark in 2023. The Indian pharmaceutical industry’s total revenue for the financial year 2021-2022 amounted to $42.34 billion. Currently it stands around the $50 billion mark.
58,000 New Job Openings in Pharma Sector
Despite the ongoing challenges faced by the Indian pharmaceutical sector, industry experts at the IIHMR University in Jaipur have projected that it is poised to grow by up to 45% by 2025, creating around 58,000 new job openings.
The Director General of the Organization of Pharmaceutical Producers of India (OPPI), Vivek Sehgal, believes that innovation in advanced biologics and cell and gene therapies will transform lives. Various participants, including start-ups and academic institutions, are contributing to the maintenance of growth in this sector.
The focus in 2023 is on promoting research and innovation in the country to move up the value chain by scaling up R&D investments, while also considering the rising need for a strong legal framework for intellectual property (IP) and related rights. Sehgal emphasizes that harmonizing regulatory demands aligned with international standards will be important.
Post Pandemic Scenario :-
The COVID-19 pandemic has also led to a greater degree of collaboration between the government and industry, with both playing a pivotal role in helping the industry’s global position further reinforced by developments in the sector. Sudarsan Jain, Secretary General of the Indian Pharmaceutical Alliance, notes that India has managed to maintain its reputation as the ‘pharmacy of the world’ by supplying medicines to more than 200 countries, despite facing geopolitical challenges.
While the sector faced challenges, the introduction of several initiatives and forward-looking policies helped streamline processes and allowed the pharmaceutical sector to leapfrog to a stronger growth trajectory.
Overall, there is a promising future ahead for the Indian pharmaceutical industry in 2023, which is driven by a growing consensus over providing new innovative therapies to patients and a focus on promoting research and innovation in the country.
With a deepened focus on quality manufacturing, affordability of drugs, and adoption of innovation and technology, India’s pharmaceutical industry is set to make great strides and contribute significantly to the global market.
A Comprehensive Policy Framework for the Growth of Indian Pharma Industry
The Indian pharmaceutical industry is worth around $50 billion, with the export sector contributing more than $25 billion of the value. Nikkhil K Masurkar, CEO of Entod Pharmaceuticals, recently said that regulatory simplification, increased industry-academia collaboration, and strengthening innovation mindset are crucial for the industry’s transition from “Volume” to “Value” leadership in the coming years.
The government and the Indian Drug Manufacturers’ Association are working together on PLI 2.0, which can have far-reaching consequences for the sector. The PLI scheme, which focuses on promoting local manufacturing of APIs, Key Starting Materials (KSMs), and Drug Intermediaries in India, is expected to provide the necessary support needed for boosting productivity, capacity, and quality in the industry.
By putting in place a comprehensive policy framework that includes crucial elements such as intellectual property, technology commercialization, scientific research, education, skill development, ease of doing business, regulatory legislation, tax and financial incentives, and government procurement, the Indian government is working towards fostering an enabling environment for growth and development in the pharmaceutical sector.
By fostering a conducive environment for all these factors to flourish, the government aims to promote growth and development in the pharmaceutical industry, thereby benefiting not just the domestic sector but also the global market.
The changes in regulatory policies are expected to create opportunities for. further private sector investment in pharmaceutical R&D. Several leading pharmaceutical contract manufacturers in India are focusing on ensuring innovative products while also adopting creative and ecologically conscious packaging methods to meet sustainability objectives.
Initiatives like the Ayushman Bharat Yojana and Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana that come under the National Health Protection Scheme (NHPS) are anticipated to make a significant contribution to the growth of the pharmaceutical market in India. The initiative aimed at fortifying the pharmaceutical industry, known as the Strengthening the Pharmaceuticals Industry (SPI) scheme is expected to give a further fillip to the industry by providing necessary support to small and medium scale and pharma clusters in the country to enhance their productivity, quality, and capacity.
The government’s recent decision to make the QR code mandatory on the packaging label of the top 300 drug formulations is a well-thought-out step that is expected to curb the sale of spurious and counterfeit drugs in India.
Overall, regulatory simplification, innovation, and government initiatives are expected to play a key role in the growth of the Indian pharmaceutical industry, and stakeholders need to work together to ensure a smooth transition from “Volume” to “Value” leadership in the coming years.
Job Roles in Pharma Industry
While many people might associate the pharmaceutical industry solely with pharmacists, there are in fact a wide range of professions available across various fields of expertise. Here are some of the roles that one can consider:
- Biomedical Engineer
- Calibration Technician
- Clinical Research Associate
- Clinical Research Scientist
- Clinical Trial Administrator
- Cleanroom Operator
- Documentation Analyst
- Epidemiologist
- Laboratory Technician
- Maintenance Technician
- Manufacturing Supervisor
- Marketing Executive
- Marketing Representative
- Microbiologist
- Packaging Operator
- Pharmacovigilance Officer
- Product Development Scientist
- Production Supervisor
- Project Engineer
- Quality Control Analyst
- Regulatory Affairs Specialist
- Research Scientist
- Sales Manager
- Senior Scientist
- Validation Manager
How to Get a Job in the Pharma Industry?
If you want to build a career in the pharmaceutical industry, you should have a major in pharmacy, biology, chemistry, medicine, or pharmaceutical sciences during your college years. Along with technical skills, excellent communication skills are essential for interacting with individuals from various backgrounds and the ability to cope with disappointments.
In addition to hard skills, students should focus on developing soft skills to increase their employability.
Internships and part-time jobs in the field can provide valuable experience, which can increase the likelihood of being hired by a reputable company in the future.
Regularly checking job boards for the latest openings and opportunities is recommended.
Having an up-to-date professional profile on LinkedIn is crucial for employers to find you based on your skills.
Enrolling in prestigious colleges offering pharmaceutical science degrees such as Future Institute of Pharmacy can significantly boost your chances of landing a job at top pharmaceutical companies.
Embark on a Career in the Pharmaceutical Industry by Enrolling in B. Pharm and D. Pharm Courses
B. Pharm and D. Pharma courses are stepping stones to success for those who wish to enter the highly promising and recession-proof pharmaceutical industry. However, with numerous pharma institutes popping up across the country, it is crucial to choose the right college. Future Institute of Pharmacy is a well-established institution for pharmacy education with modern labs and experienced faculty members from renowned universities.
Additionally, we provide industry visits where students can learn the practical aspects of drug manufacturing and marketing. Currently, we have over 1000 students enrolled in our pharmacy programs. Admissions are open for the 2023-24 academic year, and we recommend booking a seat as soon as possible to avoid disappointment.
Final Words:-
As the pharmaceutical industry continues to grow and diversify, it presents numerous career opportunities for individuals. With dedication and hard work, one can secure a job in the top pharmaceutical companies. This article provides essential information on how to obtain a job in the pharma sector. Having a comprehensive understanding of the pharmaceutical industry is the first step towards landing a stable job that provides job satisfaction, a decent salary, and a sense of contributing to a bigger cause.