The Pharmaceutical Industry in India is one of the largest in the world and is on a good growth path which is likely to be in the top 10 global markets by value by 2020. High burden of disease, good economic growth leading to higher disposable incomes, improvements in healthcare infrastructure and improved healthcare financing are some of the driving factors of the industry in the domestic market. Pharmaceutical companies are growing both organically and inorganically wherein the latter is growing through licensing and partnerships as high valuation of assets is making acquisitions difficult. Companies are organically also improving their operations and productivity by enlarged field force sizes, catering to Tier II and III cities and by expanding their product portfolios.
The growth rate of Indian pharmaceutical industries is fabulous and is expected to expand at a CAGR of 15.92 per cent to US$ 55 billion by 2020 which would make India hit the top three pharmaceutical and sixth largest market globally in absolute size. Despite such copious developments and a positive future, The Indian pharmaceutical industry is going through a period of volatility and uncertainty, requiring companies to re-visit their traditional growth strategies.
Biophar Group is a top Pharma Franchise company and postulates certain causes which are hindering the Pharma Companies to compete globally
Subject Knowledge
It is assumed that people are highly knowledgeable and are versed with the products but the reality is that doer is seeking for the support from their senior due to lack of problem solving skills and decision making capability.
Lack Of Documentation
The procedure and documentation is not followed as per the ALCOA expectation, therefore the companies are struggling with the examining and scrutinizing process.
Insufficient Manpower
Due to extended working hours and physical and mental stress, the companies are being non compliance to GMP and is also facing lack of sufficient manpower.
Poor Conduct of Work
A substandard work plan always hampers the work & life balance. Delivering as per the commitment is the goal but due to proper fixation of deadlines, the objectives are never met and things move without a plan.
Execution Of New Technology
A new technology requires proper risk based assessment and implementation of quality standard manufacturing and skipping on such practices can create adverse effect on the company’s brand.
Over Commitment to Regulatory Agency
It is very much imperative in getting approval from regulatory for growth in the business. It is quintessential to commit only that which can be delivered well on time.
The PCD Pharma Franchise believes that pharma MNCs will need to adapt the business models, organizations and processes and create customized strategies to compete globally.
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