Right from ancient times or since mankind came into existence there have been related health problems and diseases. To eradicate them medicines have played an important role in making life easy and happy. In modern era health related problems are on a rise, so is the production of pharmaceuticals. Various pharmaceutical industries provide medicines and drugs that are used to treat people with different diseases. Before independence medicines were exported from other countries in India. After independence and development of pharmaceutical industry in India this monopoly came to an end from 1970s with the introduction of Indian Patent Act. This act worked in the favor of Indian pharmaceutical units that are into manufacturing and supply of active pharmaceutical ingredients and medicines in India and abroad.
If international figures are to be believed then, the Indian pharmaceutical industry has reached the position of 3rd largest manufacturer and exporter of pharmaceutical related products. In very less time it is expected to cross the US $ 20 billion mark to gain entry in top 10 international pharmaceutical markets. Demand for generic active pharmaceutical ingredients in the global market is on the rise, and India has stuck gold with increased production of generic APIs exporting it to many countries worldwide. High level of technology and skilled workforce has been strong factors in bringing success to Indian pharmaceutical industry. The rates of active pharmaceutical ingredients in India are affordable and much less than developed countries, which has also made it one of the top exporters of APIs in the international market.
Many Indian pharmaceutical companies have been successful in leaving a global mark by collaborating with many MNCs engrossed in research and development of various life-threatening diseases like cancer, AIDS, heart diseases and other health related issues. The main thing that has been detrimental in the development of Indian pharmaceutical industry is the outsourcing was done by MNCs from all over the globe who are looking for reduced manufacturing costs in terms of raw materials and quality assurance. They get both the benefits in India of cost and quality, but the only hindrance faced by many pharmaceutical units is promotion of authorized generics by MNCs.
The main focus of the pharma business development program is to increase the overall percentage of active pharmaceutical ingredients and finding new opportunities in the international market. Thus the pharmaceutical industry needs to take aggressive approach in marketing for further development and initiating more investment in India.