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Detailed Analysis of the Indian Pharmaceutical Industry- 2021Wednesday February 17, 2021 at 6:20 pm
After the market-shattering jolts of 2020 amidst the coronavirus pandemic, even the year 2021 has a lot in its pocket for India’s pharmaceutical industry. The country and professionals from the pharma sector witnessed a whopping acceleration in the industry’s growth trends. Due to the very high demand for drugs, surgical and medical gear, the industry made enormous profits. Even the exports of pharma products grew at a splurging rate, and Pharma companies could meet the major deficits.
Even in digitalization, the medical and pharmaceutical industry recorded new heights and is following the same trends even in 2021. There were video calls amongst patients and doctors who helped them get timely treatments, even during the lockdown times. People relied on medicine websites for the purchase of prescriptions. And even the labs facilitated the collection of blood samples from their homes.
The healthcare industry never before experienced such a healthy amalgamation of data science, the internet, AI, and device connectivity. Such a high level of digital transformation is also boosting the productivity and quality of pharma firms to a new level. Machine Learning (ML), Artificial Intelligence (AI), and cloud computing took over all the technological areas, and a new level of advancement resulted. Besides, there was also an acceleration in the production and development process by the biomarkers.
Let’s look at the significant trends of the Pharmaceutical Industry:
1. Quick algorithm for exploring new drugs – Thanks to AI algorithms’ advancement, the pharmaceutical industry witnesses new scientific research and early experiments for developing new technologies. Pharma companies are working rigorously to create the latest formulations of combinations of drugs in the market. Their study, clinical trials, and spanning the data cycle are giving some astonishing results for the country’s well-being. Besides, many new tech start-ups are also entering the race and taking the country to new heights of success and development.
2. Automation and Digitalization – The Pharmaceutical industry-accepted and utilized digitalization with such open arms for the first time. Starting with manufacturing units PCD firms, this industry is taking automation to another level on the whole. With all the data storage on the system, the scope of human errors in keeping records eliminates. There are also scalable processes that boost the growth of automated systems and advanced technology in this industry. As a result, the Pharma manufacturers stayed on pace with the CGMP compliance. AI and robotic technology mechanism gave apt results, thus reducing the product wastage to minimal amounts.
Even the automation increased magnificently for the Pharmaceutical Industry, and they started providing great quality drugs and equipment. With minimal human efforts and intervention, the contamination risk and the variability level also decreased considerably. RPA applauded the error-free cell characterization strategies, and the processes became serum-dependent. Even the setbacks lessened to a phenomenal rate in the manufacturing and lab processes.
The number of failures that incur on the production ground also reduced substantially. Research analysts and the developers also got access to the bioassay services (BAS), reduction in the cost of goods (COGS), and process development (PD). Production of new-age drugs also received a great hike after the production of genomes and pharmacogenetics.
3. Virtualization of patient care and self-monitoring – Due to advancements in the health care industry and connectivity through digitalization, several new ways of patient care emerged. Mobility of the latest devices, IoT, and other wearables developed a new trend of self-monitoring in patients. As a result, they now do not have to make a physical visit to any clinic or doctor. The central console or the doctor can retrieve all the readings to monitor the detailed Analysis and review. Virtual diagnostic healthcare with the latest AI technology is taking the world to new heights of success. The treatment sequence starts with first level diagnostics and proceeds with a prognosis leading to a final prescription by the doctor.
All this leads to a major splurge in demands for drugs and medicines, leading to the country’s pharmaceutical industry. Even patients are becoming more vigilant about self-care and utilizing the virtual platforms to monitor their parameters and take better care of themselves.
Not just in India, but governments from all countries realize the effects and benefits of such healthcare systems and their proficiency. Diagnosis are increasingly getting AI-supported, which leads to better accuracy of treatment. Even the doctors gained relevant traction in clinics where the count of patients is increasing significantly. The virtual healthcare system is the new trend of 2021!
4. Compliances for global connections and regulatory scenario – COVID-19 somewhere helped bring out the better side of the pharmaceutical industry as the major pharma players are making collaborations. WHO is acting a linkage amongst the pharma sector from all major countries to strengthen the healthcare system. Several regulatory bodies like the EMA and US FDA are looking forward to setting new collaborations with Indian companies to favor humanity. The industry needs to upskill its labor force and adapt to the new-age working and developmental mechanisms.
Financial stats of the Pharmaceutical Industry in 2020-21!
India’s pharmaceutical industry meets up the 50% demand for several vaccines while supplies 40% of generic drugs to the US alone. Our country is the second-largest contributor to increase the pharma share on a global level. The pharma industry turnover on a domestic level reached upto Rs.1.4 lakh crore in 2019 and grew at a 9% rate in May 2020 to Rs.10,342 crore. These figures prove the efficiency and growth of the pharma industry to an altogether new level. Even the medical device industry of India is growing from 15.2% on an annual basis and might reach US$ 25 billion by the end of 2025.
Prospects of India’s pharmaceutical industry are shining bright, and the government is giving it a kick with several new schemes. Cost-effective medicine availability per the Pradhan Mantri Bhartiya Janaushadhi Kendra (PMBJK) also received a luring sale of Rs. 100.40 crores. The pharma sector secures the 70% market share for generic drugs, and it holds the largest globally. Even the OTC medicines and other patented drugs contribute 21% and 9% market shares for offering exceptional growth opportunities. Privatization, increasing growth in the R and D department, and AI advancement are all taking the Pharma industry to new horizons of success!