According to the recent study by the industry body, ASSOCHAM, it is estimated that the national generic market is likely to reach USD 27.9 billion from the current position of USD 13.1 billion. It further added that the current compound annual growth rate (CAGR) was recorded at 16.3%, due to the approval of manufacturers from the Food and Drug Administration (USFDA). The market is estimated to witness an 85% share of the national pharmaceutical market by 2020.
The growth of the national pharmaceutical market
The domestic pharmaceutical market, which stood at USD 15.4 billion in 2014, is expected to expand at a CAGR of 13.3% to USD 32.7 billion by 2020. With this, India is likely to is among the top three pharmaceutical markets by incremental growth and the sixth largest market. globally in absolute size.
Who are the main export markets?
The key export markets for the country’s pharmaceuticals are listed below, take a look:
America
Europe
porcelain
Japan
Africa
In fact, India is the third largest drug exporter to the US market. The reason behind is the large number of approvals from the USFDA.
Things that need attention
QA
Formulation of a strong supply chain network
Support for other states
Implementation of modern technology
High-end infrastructure development
Employment opportunities abound
The job prospects are broad and far-reaching. The sector offers a wide range of career options for a person who wants to pursue a career in this sector. Given the pace of growth and development in this sector, pharmaceutical jobs are likely to increase in the coming years. There would be ample opportunities for job seekers in the following:
Sale promotion
Marketing and consulting services
Retail / wholesale distribution
Product management
Data management
Public relations
Investigation and development
Quality assurance and testing
Manufacturing
The Indian market for pharmaceuticals is in full swing, well recognized in the face of the growing population, the growing economy and the growing demand for Western medicines. Along with the burgeoning pharmaceutical sector, jobs within the industry are also increasing at a rapid rate.
Job Seekers Watch out for the Indian Pharma Expo 2015!
The Indian Pharma Expo will take place on October 24-25, 2015 in Pragati Maidan, New Delhi. It will present the latest trends and technologies in pharmaceuticals, drugs and formulations. It is a golden opportunity for job seekers as well as companies as they have direct access to high profile senior pharmaceutical executives, contract buyers and manufacturers, etc.