Here's a look at some of the essential Pharma news from India and how we can solve problems related to medicine production.
The pharmaceutical industry has a long and successful history in which it has helped countless people. India’s pharmaceutical company’s market share has increased globally. Pharma news is essential not only in the developed world but also in India, where the industry has grown in popularity. However, in recent years, we have seen Pharmaceutical Company’ problems come to light. So, what are the issues confronting the pharmaceutical industry?
In this article, the following topics related to pharmaceutical company will be discussed:
- What are the problems in the pharmaceutical industry?
- Why are pharmaceuticals down?
- How is Indian Pharma doing?
- How can the pharmaceutical industry be improved?
What Are the Problems in the Pharmaceutical Company?
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Developing New Medicines
While the industry has extensively discovered cures, it is becoming more challenging to combat new and incurable diseases such as Alzheimer’s and cancer. Top researchers and scientists are still finding ways to combat health problems better.
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Rising Customer Expectations
The more successful pharmaceutical companies become, the more problems they face. Customers now want more alternatives, better medicines, and lower-cost meds. Moreover, the pharmaceutical industry is facing severe commercial competition, with consumers becoming aware and wanting more affordable treatments, therapies, and medications.
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Drop in Scientific Productivity
The lack of consistency in drug research over the last ten years has been quite disheartening. Most Big Pharma players cannot conduct productive research that results in blockbuster drugs. For medicine production to recover from this slump, significant advances in scientific productivity will be required.
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Management and Marketing
The vicious and competitive circle of marketing and management is another great worry for the industry. There is now a culture focusing on profit maximization, which does not complement research and scientific discovery.
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Educating Payers
Consumers now have more options than ever before to make informed decisions. Previously, comparing and collecting data was difficult; however, the internet has made this simple, resulting in consumers who know exactly what they want. These people also look at pharma company statistics and demand lower prices, causing additional problems for the industry.
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Tricky IP Rights
Developing countries still struggle to enforce intellectual property rights and patent protection. Several markets also give preferential treatment to generic drug manufacturers, making things more difficult for companies focusing on research.
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Risk of Self-Medication
More and more people now seem to think they know more than doctors. Studies show that self-medication through Google is at an all-time high, leading to an insurgence of OTC drugs.
How Is Indian Pharma Doing?
India is rapidly expanding to become a major player in global pharmaceuticals. It is the world’s largest generic drug manufacturer, producing 20% of global demand. In addition, India supplies nearly 62% of the world’s vaccines and is the third-largest drug manufacturer by volume.
Despite ranking tenth in capacity, India produces nearly 10% of the world’s total medicine production volume. Indian pharma can be seen as doing quite well for itself in many ways, as it is the source of over 60,000 generic drugs. With over 3000 pharmaceutical companies and 10,500 medicine manufacturing facilities, India appears to be on its way to becoming a Pharma Giant.
Pharmaceuticals in India: Cause for Worry?
Quality difficulties in its export markets still plague the Indian pharmaceutical business over a decade after Ranbaxy filed a guilty plea to seven counts of criminal felony in a federal court in the United States. Unlike the Ranbaxy case, which the Indian government attempted to dismiss as a documentation issue and a Big Pharma conspiracy to discredit the Indian pharmaceutical industry, the deaths of 66 children in the Gambia resulted from tainted ‘Made in India’ cough syrup cannot be ignored.
Aside from high-profile cases such as the Ranbaxy plea, the suspension of market authorization for over 300 drugs in Europe whose approval was based on suspect clinical data from an Indian CRO, or the deaths in Gambia, there has been a steady stream of complaints from countries such as Vietnam, Sri Lanka, Ghana, Mozambique, and Nigeria over the quality of drugs exported by the Indian pharmaceutical industry to these countries over the years.
The issue is that the government is never forthcoming about its corrective actions in response to complaints lodged against pharmaceutical corporations. Instead, it frequently obfuscates, deflects, or threatens academics who discuss the matter.
Tips to Improve the Pharmaceutical Industry in India
- Companies must set up better research facilities and encourage more scientific research within the country.
- Suppliers must dissolve the dependency that Indian Pharma has on Chinese products and biomolecules. Set up medicine production and bulk manufacturing plants within the country to speed up this process.
- Legislatures must draft more research-friendly and pharma-friendly guidelines and encourage States to set up incubators and plants.
- Pharma must establish more testing centers to enable the faster completion of clinical trials and create a better-skilled workforce from institutions through high-quality education programs.
Pharma must also protect patents for their medications. If you need any help with patent registration in India, reach out to us at Vakilsearch, and we will be happy to provide all the help you require.
