Indian Pharmacy is a growing market segment, y ranking fourth globally in sales volume, producing 20-24% of the generic drugs in the global market. The Indian segment is estimated to be worth $4.5 billion and is growing at an estimated 8-9% per year. In the third world, the Pharmaceutical industry in India ranks high in technology, diversity of drugs manufactured, and in product superiority. The pharmaceutical industry is a boon to the GDP of both India, and that of the world.
The pharmaceutical industry in India is distinctly divided; with more than 20,000 registered companies the industry in India has triggered radical price competition. Government price controls is also challenging the industry. Price control and stiff competition makes the industry a favorable investment for investors worldwide.
The pharmaceutical market in India is controlled by approximately 250 top pharmaceutical companies, the principal in the market holding almost 7% of the market share. Due to world class drug standards and low cost of production, India is emerging as the center of pharmaceutical manufacturing with outstanding research and manufacturing facilities.
With higher overhead costs, lower profit margins, and increasing costs for R&D, many major pharmaceutical companies are outsourcing clinical processes to outside parties in India. Such actions can save pharmaceutical companies up to 60% in the development of new drugs.
Why is the Indian Pharmaceutical Industry Growing so Rapidly?
Consolidation: With immense pharmaceutical opportunities the international pharmaceutical industry consolidating with the industry in India, a practice that is widespread in the pharmaceutical industry
Cost-effective production: Its history of low cost high quality drug development for various drugs is excellent.
Solid Financial Market and Positive Legal Frame work: Established international industry and business community in India.
Expert workforce: With a work force high in managerial and technical expertise, India has an extremely competent work force that is highly educated.
Globalization: India supports a free market economy and globalization.
Technology and Information Network: With world-class educational institutions India has an established strength in Information Technology.
The Indian pharmaceutical industry is technologically solid and completely self-sufficient, with ground breaking scientific talent and sound national laboratories, an increasing balance of trade, low production costs, and insignificant R&D costs. With an rich scientific work force and vast research potential, and the backing of the Intellectual Property Protection administration, the Pharmaceutical Industry in India is set to take on the global market.
The Indian Pharmaceutical sector is made up of two kinds of companies Domestic - those originating in India and Foreign Multi-National Corporations (MNCs).
Supported by gross sales, the top four pharmaceutical companies in India are:
Dr. Reddy's Laboratories
Ranbaxy, reported sales of approximately $356 million in 2000. The up and coming Indian pharmaceutical companies include:
Pfizer, GlaxcoSmithKline, Knoll Pharma, and Hoechst Marion Roussel are the top multi-national corporations located in India.
Research indicates, most of the bulk drugs manufactured in India are exported. Export numbers for the years 1999-2000 suggest Russia and the United States are the top two importers of Indian pharmaceuticals and bulk drugs, with sales of $100.7 million for Russia and $137.9 million for the US. Remarkable growth of pharmaceuticals imports from India has also been noted in Brazil, Iran, and Singapore.
Ranbaxy appears to be poised to take the third top position in the global segment with the $80 million purchase of Aventis. The acquisition made Ranbaxy the fifth largest exporter of generic drugs to France. Pharmaceutical giants Dr. Reddy's Laboratories and Wockhardt are also making aggressively acquisitions in the generic pharmaceutical segment.
Indian pharmaceutical companies purchased 18 international pharmaceutical manufacturers in the time period from January 2004 through October 2005. The largest acquisition was Belgium's Docpharma by Matrix Labs in 2005. Dr. Reddy's Laboratories acquired Betapharma Arzneimittel, the fourth largest generic manufacturer in Germany, in 2006. Dr. Reddy's Laboratories purchase of Betapharma Arzneimittel was the largest pharmaceutical purchase to date in India to.
Contract manufacturing is another area in the pharmaceutical industry where India is making its mark. This move is helping to give other multi-national corporations an edge in the contract pharmaceutical manufacturing market as well. The Asian pharmaceutical sector has begun to challenge the European and North American control of the contract manufacturing market. It is possible that China and India could control up to 40% of the contract pharmaceutical market in the foreseeable future.
Indications suggest the pharmaceutical industry in India will continue to profit from outsourcing as a number patents on major drugs expire and with increased confidence in the Indian pharmaceutical industry.
Jubilant Organosys has influenced a number of developments in the international market with the purchase of Target Research Associates, a 64% share of Trinity Laboratories, and it's holding of Trigen Labs.
Indian manufacturer Bilcare, LTD has made its place in contract pharmaceutical manufacturing as well with the purchase of ProClincal Inc. of Philadelphia, PA.
Compelling factors influencing the success of the contract research and manufacturing services market in India include:
These factors emphasize the increasing success of the pharmaceutical industry in India.
The pharmaceutical market sector with the most room for growth is in the area of generic drugs. Opportunities for generic medications increase considerable as the patents on brand name drugs expire. The pharmaceutical industry in India currently exports generic medications to over 65 countries worldwide. With the largest portion going to the United States which is also the largest global pharmaceutical market.
A generic drug is identical to the brand name version in safety, strength, quality, characteristics, administration, dosage form, and intended use. Generic drugs are identical in chemical formulation to their brand name equivalent and are generally sold at substantial savings from the brand name drug.
Since generic drugs contain the same active ingredients as the brand-name drugs they have the same effectiveness as the more expensive brand name drugs. The FDA, WHO and other regulating authorities require generic drugs have the same high quality, strength, purity and stability as the brand-name drug.
Drugs considered to be the innovator drug are patent protected. When a customer purchases a patent protected drug, they are paying for the R&D costs, the costs involved in testing the safety of the drug, marketing of the product. These costs make the patent protected drugs very expensive.
Not every brand-name drug has a generic drug. Drugs are protected by patents usually lasting for 20 years. The patent, which allows the company that developed the drug to recoup the cost of R & D, prohibits anyone else from making and selling the drug until patent expires. Once the patent has expired, other pharmaceutical companies are allowed to sell a generic version. Manufacturers are required to test the generic drug and receive the approval of the drug regulatory agencies before it may be sold.
Creating a drug costs lots of money. Since generic drug manufacturers do not have the cost of R & D, generic drugs are usually cost less than the more expensive brand name drugs.
Generic drugs have to meet the same strict standard at the name brand before it can receive approval. These standards require:
the generic drug must meet the same strict manufacturing regulations required for brand name drugs meet the requirements for identity, quality, purity, and strength
the active ingredients in the generic drug must be the same as the brand name drug, however the inactive ingredients may differ the drug is identical in strength, dosage, and administration must have identical warnings
It is estimated consumers can save $8 to $10 billion a year if they buy generic drugs
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