The action plan for growth of pharma sector in India and its impact on pharma jobs
Make in India seeks to improve all the sectors for the country's growth
Driving pharma industry in India to growth
The new elected Government led by Mr. Modi seems to be assuring a promising future to every resident of the country. From improving infrastructure to education, construction to manufacturing along with Foreign Direction Investment, everything is on the to do list of our Prime Minister's Make in India campaign. The plan is to build the country and take it to a level where it feels empowered in every possible manner. From creating more and affordable resources to enhancing the country's manufacturing facilities, everything is being focused. The campaign even aims better health facilities for the residents and so, pharmaceutical turns out to be a major sector that the government would be emphasizing on, in the years ahead.
Some facts about the pharmaceutical industry in India:
- The country is expected to be the 3rd largest pharmaceuticals market by 2020.
- The expected revenue in pharma is anticipated to be USD 45 Billion by 2020.
- The pharma infrastructure to get USD 200 Billion investment by 2024.
- At present, the country ranks sixth among the largest pharmaceutical markets across the globe.
- The generic drugs produced in the country make up 20% of the global exports.
- This makes India one of the largest suppliers of the generic medicines all across the globe.
- The country maintains a low production cost in the pharmaceutical sector, which is lower than USA and half of the Europe.
- The formulations industry here is considered the largest exporter with 14% market share. In terms of export value, it even values 12th in the world.
In the next 5 years, it seeks to expand even more enormously.
Tha Path Ahead as per Make in India Campaign
The growth that the 'Make in India' campaign anticipates for pharmaceutical sector brings along the hopes for better employment opportunities too. The professionals seeking jobs in this industry would too be lured to find ideal jobs in the country with hopes of better and a certain future.
Below are some of the provisions that would help you have a better idea of what would Indian pharmaceutical industry be, in the future.
- New drug laboratories would be developed, whereas the 31 existing ones would be improved.
- The excise duty would be consumpted for HIV/AIDS drugs.
- INR 5000 Million would be allocated for setting up for institutions lie AIIMS in Andhra Pradesh, West Bengal, Maharashtra and U.P.
Investment in pharmaceutical industry
India seeks to bring more investments for its pharma sector for further growth. This, in turn would help the country be more empowered and have better manufacturing and R&D facilities. For this FDI too is being considered as a significant measure. Some facts related to FDI in pharmaceutical industry in India are:
-100% FDI would be permitted under the automatic route for greenfield projects.
-Appropriate for FDI in brownfield cases would be included by the government while granting approvals.
-Non-compete clauses wouldn't be allowed, if not special circumstances.
Besides, if we discuss the future investments in the pharmaceutical sector in India, the prospects are good. The 'Make in India' campaign details the list of foreign investors in the country. The list includes the following:
- Teva Pharmaceuticals (Israel)
- Nipro Corporation (Japan)
- Procter & Gamble (USA)
- Pfizer (USA)
- Glaxo Smith Kline (UK)
- Johnson & Johnson (USA)
- Otsuka Pharmaceutical (Japan)
- AstraZeneca (Sweden-UK)
Jobs in pharma sector
Do you think, the professionals looking for pharma jobs would benefit with these expansion plans?
How well would the pharma sector serve the job seekers in future?
All the above sections detail the future of pharmaceutical industry in India and with this, the future of the professionals in this sector too can can be predicted. India anticipates consistent growth and further its position among the top 3 pharmaceutical markets in the world. The country is working to improve the healthcare facilities as a result of which, the residents would benefit. Accounting for about 2.4% of the global pharma industry by value and 10% by volume, the country seeks to move ahead.
This growth would not just benefit the country's pharma sector, but also the ones employed by it. For the professionals having graduated in science and related subjects, the ideal jobs lie in this sector and thus, the growth of pharmaceutical sector automatically indicates opportunities for these professionals too. They would have more opportunities to explore and better technologies to be worked upon. With this growth, more jobs are predicted for them too as employment turns out to be another major concerns for the new government. With great implementations for the pharmaceutical sector in the near future, it is expected that it will be one of the major sector adding to the career opportunities for science graduates in the country.
Besides, if we consider the existing opportunities in pharma jobs in India, one has a lot to explore. At present, many leading Indian and global pharma companies have their operations here. As per the qualifications and skills, one can go on to apply for the suitable jobs in these companies. Besides, the sales positions, there lie jobs in manufacturing, research & development, distribution, marketing, sales, and operations in the pharmaceutical sector. Some of the leading pharma companies operating in the country are Dr. Reddys Labs, Ranbaxy Lab, Jubilant Life, Sun Pharma, Torrent Pharma, GlaxoSmithKline, Abbott India, Biocon, and many others.
Make in India seeks growth of Pharmaceutical industry
Leading Pharmaceutical Companies in India
New investments to be made in pharmaceutical industry in India
Some other policies formulated for pharma sector in India
Below stated are the features of the National Pharmaceutical Pricing Policy, 2012 (NPPP-2012):
- The prices to drugs to be regulated as per the essentiality of the drugs as per National List of Essential Medicines (NLEM)- 2011.
- The price regulation to be done on the basis of the price regulation of formulations only.
- The regulation of prices to take place as per the fixed ceiling price of formulations.
- To implement the provisions of NPPP-2012, a Drug Price COntrol Order was even notified in May 2013.
Average Salaries in Pharma Jobs
The remuneration one gets against a job offer remains a major concern for every professional. However, the salaries for an entry-level employee and an experienced professional differ owing to their experience and skill set, one can aim for a higher salary by gaining expert knowledge and as much as practical experience. To make you known to the average salaries paid by the pharma companies in India, here is a brief on the average pay packages offered for numerous pharma job opportunities. A research scientist in India gets an annual remuneration of more than Rs 5,50,000 on an average, whereas a medical device sales representative makes Rs 181,525 per year. Further, if consider other positions such as that of a territory sales representative, the average annual pay package is more than Rs 2,50,000 and the remuneration for a marketing executive is more than Rs 2,00,000 annually. Besides, the quality control analysts too can make more than Rs 2,00,000 per year, whereas the annual pay for a medical laboratory technician on an average gets Rs 147,545 per year in India. However, with the specific skill set desired for the job and relevant experience, one can aim for better salaries.