| Ever since the evolution of mankind, diseases and | | | | Also, many Indian companies have made their mark |
| medicines have become an indispensable part of our | | | | on a global level as they have tied up with several |
| lives. Health problems are on the rise and with it, the | | | | MNCs for research & development of diseases like |
| pharmaceutical business. Pharmaceutical companies | | | | cancer, AIDS and other third world diseases. What |
| provide drugs or medicines that are required for | | | | adds to the Indian pharmaceutical business |
| medical treatments. Earlier in India, these medicines | | | | development is the outsourcing received from MNCs |
| were provided by various multinational companies. | | | | who look for a reduction in their manufacturing costs. |
| However, this monopoly ended with the Indian | | | | The only downfall here is that MNCs are promoting |
| pharmaceutical industry taking a revolutionary turn in | | | | 'authorised generics', which entangle the native |
| the 1970s with the enactment of the Indian Patent | | | | pharmaceutical companies in expensive litigations. |
| Act that allowed local development of pharmaceutical | | | | The pharma business development program, |
| industry. | | | | therefore, aims at increasing distribution and |
| At present, the Indian pharmaceutical business has | | | | discovering new international markets. For this, the |
| become the third largest in the world in terms of | | | | pharmaceutical industry will need to engage in |
| volume and fourteenth in terms of value. It is | | | | increasingly aggressive marketing strategies. To |
| estimated to touch US $20 billion and enter the list of | | | | develop the pharmaceutical business, investment in |
| the top 10 global pharmaceutical markets. The future | | | | research and development (R&D) for new products |
| of the Indian pharmaceutical business development | | | | is a necessity. |
| seems favourable due to the increase in demand for | | | | Some of the other factors that call for attention for |
| generic APIs and India has emerged as a frontrunner | | | | pharma business development are the infrastructure |
| in the production of these generic Active | | | | facilities in India that continue to hamper growth by |
| Pharmaceutical Ingredients (APIs). Competency in | | | | frequent power-cuts and poor transportation facilities. |
| technology and skillful workforce has contributed to | | | | The Indian pharmaceutical industry will need to exploit |
| the success of pharmaceutical business development. | | | | the advances made in Bio-technology and Information |
| Also, affordable rates have played a pivotal role in | | | | Technology. Finally, the cost factor needs to be |
| the pharmaceutical business development. As a result, | | | | controlled without letting it interfere with the launch |
| the Indian pharmaceutical sector is thriving at about | | | | of new products. |
| CAGR of 13.7%. | | | | |