Indian Pharmaceutical Industry Growth

Indian Pharmaceutical Industry Growth - Like the food, Information Technology, and textile sector, the pharmaceutical industry is also India’s one of the most profitable and rapidly growing businesses. Many business professionals and pharma aspirants want to invest their money in this sector to serve the country’s people and positive growth. In this guide, we will explore everything you need to know about Indian Pharmaceutical Industry Growth. Keep Reading!

There are several areas in which people can invest their money and start their businesses. The pharmaceutical sector is also one of them. Because of the rising demand for healthcare products, the pharma business not only gets incredible ROIs but also contributes to the country’s economic growth. In crisp, we can surely state that shifting your interest to the pharma industry can be a beneficial decision to reach your business goals.

Brief History of the Pharma Industry in India

India’s first pharmaceutical company laid its foundation in 1901 by Acharya P.C Ray. He was a renowned Indian chemist, educationist as well and industrialist. He was also recognized as the father of chemical science in India ( Dasgupta, 2011). In Calcutta(Kolkata), he established the first Indian Pharma company Bengal Chemical & Pharmaceutical Works Ltd, intending to create awareness among Indian people to become self-sufficient. 

It was a challenging deal to establish the organization during the British Raj in India. The company went through many ups and downs in its journey. However, with time, the company started growing well, expanding four factories in three locations, two in Bengal, one in Kanpur, and one in Mumbai with good infrastructure facilities with more than 1,500 distributors.

About The Indian Pharmaceutical Industry Growth 

As we have already mentioned there was a unbeatable struggle to establish and operate a pharma business in India during the British administration. But after independence and with the improvement in the required elements, the pharma industry is also starting to become better and larger.

Now, The Indian Pharmaceutical industry has become the world's 13th largest by value and 3rd Largest by Volume. There are more than 3,000 pharma enterprises in India that play a significant role in exporting a wide range of pharma products.  Our country has strong and reliable business relationships with more than 200 nations for pharmaceutical export.

As per the report given by Invest India, the Indian pharmaceutical industry is currently valued at $50 Billion in the ongoing year 2023 and is estimated to reach $65 billion by the next year 2024, and 130$ Billion by 2030 with a CAGR of 10.6%.
India is a leading pharmaceutical exporter of generic medicines and DPT, BCG, and measles vaccines. 

The Indian Pharmaceutical Industry has a brilliant contribution to the country’s economic growth. Yogesh Mudras, Managing Director of Informa Market said in the statement” Indian Pharma sector is steadily growing at an annual growth rate of 15%, which is 2X than global market growth rate".

Reasons Behind the Exceptional Growth of the Indian Pharmaceutical Industry 

Several kinds of essential ingredients are used in pharmaceutical medicines which are easily available in India with low prices as compared to the Western countries. This decreases the cost of production leading to higher ROIs and profitable business. 

Following are the other main reasons why is Indian Pharmaceutical Industry booming to new heights

• Affordable prices
• Speed to distribution 
• Effective quality products 
• Latest Equipment and Advanced infrastructure facilities.
• Following the safety protocols
• Betterment in the Pharma Educational Field
• In-depth research 
• Government Support and Initiative 
• Exporting to other countries
• Wide Network

Investment Required To Set-up Own Pharma Business In India

Establishing your own pharmaceutical business depends upon multiple factors like the number of drugs, the size of the company, location, the number, and type of equipment and machines, and so on. To launch a private pharma company first, you have to purchase land to build the factory or go for rental options, with the availability of good facilities like electricity, water supply, machinery systems, etc. Plus, you have to get the approval for the Drug License, FSSAI registration, and another document from the authority of India.

Overall, you can start your pharma company with an investment of 7 lacs to 15 lacs. 

Moreover, if you are new in the pharma business and want to start your pharma business with low investment, then becoming a franchise partner of a reliable and profitable pharmaceutical company like Numera Life Sciences will be a great choice for you. It will help you to establish the pharma company with humble investment, plus you will also get other perks like Monopoly rights, Higher ROIs, Experienced team, and so on to fulfill your business aspirations. 

Conclusion 

The blog aims to inform the readers about the Indian Pharmaceutical Industry Growth. We have discussed the evolution of the pharma industry in India and what is their current market status. Indian Pharmaceutical industry is the world's 13th largest by value and 3rd Largest by Volume. Affordable prices, high quality, government initiatives, etc are the main reasons behind the success of the Indian Pharma industry. The business person can easily establish their own pharma business under the investment of 7 lacs to 15 lacs. 

Moreover, if you are looking for pharma franchise opportunities then make sure you choose a noteworthy, reputable, and profitable company to avoid any regret in the future.

Frequently Asked Questions About  Indian Pharmaceutical Industry Growth

Q1: Why Indian Pharma Industry is successful?

Ans: Affordable prices, effective quality products, exporting to other countries, government Support and Initiative, advanced infrastructure facilities, and many more are the reasons why the Indian Pharmaceutical Industry is booming to new heights.

Q2: What is the future scope of the pharma business in India?

Ans: As per the report given by Invest India, the Indian pharmaceutical industry is currently valued at $50 Billion in the ongoing year 2023 and is estimated to reach $65 billion by the next year 2024, and 130$ Billion by 2030 with a CAGR of 10.6%.

Q3:  Which is the best pharma company for the PCD pharma franchise in India?

Ans: If you are in search of the best pharmaceutical company for the PCD pharma franchise in India, then Numera Life Sciences is here for you. We are the most reputable and highly profitable pharma company that provides  PCD pharma franchises in India with amazing business deals, humble investments, and other rights.

Q4: How much investment is required to establish Pharma business in India?

Ans; Establishing your own pharmaceutical business depends upon multiple factors. Well, you can start your pharma company in India with an investment of 7 lacs to 15 lacs.