Reasons Why Pharma Business Is Getting More Popular In The Past Decade

Posted by indira hk on February 19th, 2021

Pharmaceuticals in India are growing at a tremendous rate and the reasons for this growth can be traced to several factors, one of which is the government policy of encouraging innovation. For years, Indian pharmaceutical companies have lagged behind other countries when it comes to R&D spending and it has been this policy that has led to the rise in sales figures. Between 2021 the number of pharmaceutical companies on the Fortune 500 grew by thirty-eight per cent. This rate of increase is quite fast considering that it usually takes half a century just for an entire industry to reach the same level as an already developed country.

With the government favouring drug development, private research and development are now encouraged and many small organizations have also gained recognition as well. The most important feature that contributed to this rise in popularity is the availability of cheap labour in developing countries. Between seventy-five to eighty thousand pharmaceutical engineers and technologists are employed in developing countries. This is very low when compared to China, where pharmaceutical engineers constitute a little more than fifty thousand.

Another contributing factor is the fact that India has liberalized its patent laws allowing patented drugs to be introduced in the market. A patented drug may be manufactured only if its generic counterpart is also patented. In addition, there are also a lot of incentives offered to the manufactures of drugs in the pharmaceuticals industry. Pharmaceuticals are enjoying generous tax benefits and are even enjoying import duties and other subsidies. These all benefits have helped Indian pharmaceutical companies to increase their profitability.

There are several reasons why pharmaceuticals are becoming more popular. One major reason is that the drugs they produce are more effective, affordable and have fewer side effects. Since these drugs are less costly and have fewer side effects, they are able to make significant profits for pharmaceutical companies. In addition, more people are becoming aware of the benefits of these drugs and many people are resorting to it when they need to treat their ailments.

Other reasons are that the drugs are easily accessible and can be bought over the counter. This has made them quite popular among people of any age group. Since they are easily available and affordable, people don't have to take much time in finding one. They can buy it at any time convenient and within their budget.

Another factor is that it has become less expensive to produce new pharmaceuticals. Since there are numerous pharmaceutical companies in the market, competition has increased the prices of the products. However, rising prices have not deter people from buying them. Instead, people prefer them because of its availability and affordability.

Most of the medicines are developed from natural resources. Increasing demands for more products from nature has led to the popularity of botanical sources of these drugs. This again leads to a rise in their popularity. People now prefer using medicines that have come from nature rather than those manufactured artificially.

The above reasons why pharmaceuticals are getting more popular in the past decade. With the globalization of business and the increasing demand of medical services worldwide, this sector is sure to witness more expansion. This will further increase its scope as one of the important sources of health services.

The above reasons why pharmaceuticals are getting more popular in the past decade. Nowadays, people are more health conscious. They want to lead a healthy life. Therefore, they prefer using pharmaceuticals as a part of their health care. Moreover, the products derived from plants are environment-friendly and are easily absorbed by the body. It is easy to convert plant chemicals into medications that can fight with different diseases.

Another reason behind this rising popularity of pharmaceuticals is the cost effectiveness of the drugs. Due to stiff competition among pharmaceuticals, the prices of the drugs are reducing. This has been happening since the mid-1990s. The major cause for the cost reduction is improved production techniques, improved manufacturing quality and competition among pharmaceuticals.

As mentioned earlier, the use of pharmaceuticals has increased tremendously. There are various types of pharmaceuticals that are available in the market. There are numerous brands that manufacture various drugs. As such, there is a great demand for them. The recent introduction of the generic drugs has also led to the increasing popularity of pharmaceuticals.

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