With Indian pharmaceutical industry to touch US$ 45 billion by 2020, the pharma sector is surely on an upward growth trajectory! Currently, India is one of the top emerging markets in the global pharmaceutical scenario.
Despite of the heavy competition, the Indian pharma industry has becomes world’s most preferred destinations for pharma and clinical investments. India is not only serving a base to pharma companies but to clinical research organizations (CROs) as well. The current development phase has propped up the requirement for pharmaceutical and clinical research companies to recruit specialized personnel’s for their pharma jobs and clinical jobs.To give a high boost to the Indian pharma industry, the govt has taken significant steps which are discussed in the following paragraphs.
Govt initiatives to strengthen India pharma industry
Some of the major initiatives taken by the govt to push up the pharma sector are listed below-
• India has full fledged plans to establish industrial parks in the pharmaceutical and information technology sectors in China to bolster India China trade and investment ties.
• In the pharmaceutical sector for Greenfield investment, Foreign Direct Investment upto 100 percent is permitted for investments in existing companies under the govt approval route.
• The Govt in India has incorporated the system of Drug Price Control order and the National Pharmaceutical Pricing Authority to acknowledge the issues related to affordability and availability of medicines.
• The Indian govt has brought three schemes that include a major multibillion dollar initiative with 50 percent public funding through a public private partnership (PPP) model to mobilize India’s innovation prowess.
• Govt has made tax breaks available to the pharma industry and tax deduction of 150 percent for any research and development expenses.
• Further, the govt has identified 19 special economic zones to encourage pharma sector investment all over the nation.
As these initiatives would give a substantial push to the Indian pharma industry, and the pharma job market will also see a considerable hike in the number of jobs in it. Some of the pharma players that are holding top position in India are listed below-
• Sun Pharma
• De Reddy’s
• Lupin Labs
• Ipca Labs
Getting started in pharma industry
As stated above, Indian pharma industry is growing at a fast pace and so are the jobs in it. There are a plenty fresher pharma jobs in India. A fresher can kickstart as a drug therapist, medical representative, medical sales representative, pharmacist, clinical researcher, chemical technician and so on.
On a conclusive note, given the present booming pharmaceutical industry, it would be safe to claim that building a career in it will be a feasible decision.