If you are planning to invest in the pharmaceutical industry in India or partner with a pharma franchise company, you need not be in two minds. Here, we will discuss how the pharma sector is thriving in India and why investing in this industry is beneficial!
Pharma Franchise Company Growth In India
Dating back to the post-independence time, the pharma industry in India commenced under British Rule. For this reason, there has been a lack of pharma companies that have 100% Indian ownership for a long time.
However, if we look at a report by the Confederation of Indian Industry, we can see that at this point, the Indian Pharma Industry has a remarkable global presence. With India being the largest global distributor (with a 20% share) of generic medicines and the third-largest producer of pharmaceuticals, the future of the industry seems bright in the country.
If we look at the stats shared by the Economic Survey 2021-2022, it has been determined that the pharma industry in India shall grow to the value of 65 Billion USD by 2024, and by 2030, it may grow to about 130 Billion USD. With the industry currently valued at 41 Billion USD, the odds look great! So, it seems like a good time to start a Pharma Franchise Company in India.
Why is the Pharma Company Thriving in India?
Economic Liberalization and Globalization
Like most industries in India, the credit for the pharma industry's expansion also goes to globalization. After the British Rule was over in India and the country operated under economic liberalization, it opened doors for many multinational companies to invest in India. With high-quality human resources and a developing market, the country became a profitable place to start a franchise pharma company. Besides, the growth of the internet multiplied the impacts of globalization, which also helped the industry grow
The Digital Influence
Digitization has been transforming the landscape of the Indian markets for quite some time now. Under digital influence, the IT industries have witnessed a remarkable boost in their growth. The IT services delivered by Indian professionals are commendable and recognized internationally. As the IT industry shook hands with the pharma industry in India, it gave investors from countries like the USA and UK to invest in the Indian pharma companies without worrying.
The IT sector has played a crucial role in promoting and expanding the pharmaceutical industry in India. With the right market know-how and IT support, you can start a Pharma Franchise Company in India without any hassle.
Global Expansion through Exports
As discussed above, India is the largest global distributor of generic medicines. The fact speaks volumes about the position of the Indian pharma industry on the international level.
Besides, India is also one of the largest producers of APIs (Active Pharmaceutical Ingredients) worldwide. With such a reputation on the global level, the Indian pharma companies get many offers from the western countries, making it a reputed western exporter of medicines.
Also, the COVID-19 pandemic played a notable role in expanding the pharma industry in India when domestic production was an economic way to meet the health crisis at that time.
Every pharma franchise company in India has a thriving market and enjoys a global rapport. These are the contributing factors to the industry's growth. in India If you are looking forward to starting a pharma company or a PCD Pharma Franchise Company, contact Trade Maantra. We will cater to all your queries and requirements.