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Why are Global Pharma Companies looking toward the Indian Life Sciences Industry?

[/vc_column_text][vc_column_text]The approach of the global medical community towards breaking new grounds has rapidly shifted in recent times. A newfound interest in broadening the horizon is apparent now. Pharmaceutical companies worldwide opt for fundamental shifts in their business patterns to ensure sustainable growth in this evolving scenario.[/vc_column_text][vc_single_image image=”3592″ img_size=”full” alignment=”center”][vc_column_text]With the Indian healthcare market projected to reach US$ 372 billion by 2022, pharmaceutical conglomerates are showing a regenerated interest in this sector. Management consulting firms, interestingly, have emerged as trusted entities to facilitate the seamless integration of such companies in this Indian marketplace.[/vc_column_text][vc_single_image image=”3593″ img_size=”full” alignment=”center”][vc_column_text]

Infrastructural Developments in The Indian Healthcare Sector

[/vc_column_text][vc_column_text]As globalization continues to erase borders in multidimensional ways, the untapped potential of the Indian medical sector offers global pharma companies a unique opportunity. With a scope of pathbreaking research and development or clinical trials, India can become the bedrock of a tectonic shift towards progress for the healthcare community.

Notably, India’s hospitals and public-health sector, in general, have registered a steady growth over the last few years. For instance, the 44,000 private and 26,000 public hospitals in India use numerous state-of-the-art technologies and equipment to ensure the medicare provided here is on par with any other developed nation.

According to the experts in the field, these hospitals collectively house more than 2 million beds, around 1 lakh ICUs, and almost 50,000 ventilators. So, the highly trained medical professionals here are not limited by inferior set-ups and facilities. Alternatively, they can ensure that the very best of the industry standards are in effect when offering preventive and curative care to patients.

The global medical conglomerates did not fail to notice this predominant trend in the Indian life sciences industry. With the help of management consulting firms in India, they can map out a proper blueprint of strategy formulation regarding comprehensive growth.[/vc_column_text][vc_column_text]

Growing Awareness in the Indian Medical Community (Indian Life Sciences Industry) about Foreign Drugs’ Usage

[/vc_column_text][vc_column_text]Technical advancements disintegrating topographical perimeters have transformed information into a readily available commodity. So, the specific details of any quintessential development in the global pharmaceutical field are just a click away from a person living anywhere in the world.

In other words, Indian scientists and medical professionals can simultaneously learn about a new innovator and experimental life-saving drug alongside the more developed countries. So, even before those medicines come into use here, the doctors and nurses can be aware of how they need to be used, their side effects, and their positive impacts. This appeal to the global pharma companies in India, as they’re assured of a qualified manforce able to employ these drugs when they come into effect here.[/vc_column_text][vc_column_text]

Non-Rigid Regulatory Framework of Importing Medicine

[/vc_column_text][vc_column_text]Previously, the primary launch and usage of newly approved medicines used to take place in the conventionally considered first-world countries. Over time, however, seminal medical inventions have moved the discourse away from this mainly Eurocentric rhetoric to a far more globalized narrative.

India, consequently, has largely benefitted from this change in the life sciences industry. A foreign drug used to take anywhere from 6 to 20 years in some instances to be available here. Changing market demands are also reflected in the government policies regarding importing medicines. Keeping the competitive global trades in mind, amended acts and regulations have eased the pathways for the involvement of foreign pharmaceutical farms. Consequently, several medicines like oncology-related drugs are now available within two years. Regulatory affairs professionals have also ensured that these global pharma companies have proper legal backing regarding releasing a new medicine in this country.[/vc_column_text][vc_column_text]

Increased Disposable Income of the Middle Class

[/vc_column_text][vc_column_text]Contribution of the Indian middle class makes up 70% of the total consumer spending in India. So naturally, they are a core demographic for foreign pharma companies when discussing entering the Indian market with management consulting firms.

Interestingly, a stable rise in the discretionary expenses of this section of society has helped the growth of the Indian healthcare market. There is a predominant preference among middle-class people toward private hospitals to have easy access to better caregiving. They don’t find the prices for a crucial drug or medical service too burdensome with an improved monetary backing. Consequently, this increased affordability of innovator drugs is a lucrative scenario for foreign firms, encouraging them to invest.[/vc_column_text][vc_column_text]

General Trends and Policies Regarding Affordable Healthcare for People

[/vc_column_text][vc_column_text]The Indian Government has emphasized improving the general quality standard of the country’s Medicare sector exponentially. The Union Budget for FY2022-23 allocated US$ 11.28 billion to the Health and Welfare Ministry. Plans to introduce a credit incentive program worth US$ 6.8 billion are also in the pipeline. Moreover, the Government has also announced that under National Policy for Rare Diseases, nearly 40% of the Indian population will receive financial support of Rs.20 lakhs for diseases requiring a one-time treatment. While addressing the issue of affordability, the authorities have also encouraged the notion of crow-sourcing funds.

These positive policy intents can work in tandem with the new structure of the Indian life sciences industry that is slowly taking shape. There are now 1.27 million recognized allopathic doctors in this country, with the medical sector employing almost 5 million people.[/vc_column_text][vc_column_text]Moreover, global pharma companies in India can also benefit from clinical trials. The cost of phase-I and phase-II trials are estimated to be 50% and 60% lower, respectively, than the developed markets.[/vc_column_text][vc_single_image image=”3594″ img_size=”full” alignment=”center”][vc_column_text]

How do Consultancy Firms Help Global Pharmaceutical Companies to Settle in India?

[/vc_column_text][vc_column_text]With the Indian Government allowing 100% FDI in medical devices, foreign pharmaceutical companies can play a much stronger role in the life sciences industry here. Several Indian management consulting firms like Tecnova offer end-to-end assistance to these companies navigating these hitherto uncharted territories.[/vc_column_text][vc_column_text]These healthcare consulting firms offer their assistance in-

• Registration of the medicines and devices with Drug Authority of India
• Drug distribution and clinical trials
• Setting research and development labs in India
• Market Research and Entry Strategy
• Performance Improvements

As the emphasis on physical and mental health has received significant traction recently, awareness of an improved lifestyle has grown significantly. Consequently, the current Indian life sciences industry is an apt choice for Pharmaceutical regulatory consultants in India to build new avenues.[/vc_column_text][vc_column_text]Reference

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