The year 2023 looks promising for India's pharmaceutical business, with a greater emphasis on quality production

Posted by Akums Drugs & Pharmaceuticals Ltd on June 10th, 2023

An Introduction

The pharmaceutical industry is a very important sector that is responsible for the research, development, manufacturing, and distribution of drugs, vaccines, and medical devices to prevent and treat various diseases and health conditions. According to the latest reports, the global pharmaceutical market size was estimated in 2020 to be very huge as compared to other markets and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028.

The industry faces several challenges, including increasing regulation, patent expirations, generic competition, research and development costs, pricing pressures, and supply chain disruptions. However, pharmaceutical companies continue to invest heavily in research and development to bring innovative medications to market and meet the growing demand for healthcare products worldwide.

In recent years, the industry has also come under scrutiny for high drug prices, unfair business practices, and the opioid epidemic. As a result, governments, healthcare providers, and patients are increasingly demanding more transparency, affordability, and accountability from the pharmaceutical industry. Dealing with all the technicalities and concerns, contract manufacturing is assisting them immensely.

Indian pharmaceutical industry

India is already a global hub for the production of generic drugs and APIs (Active Pharmaceutical Ingredients), and this trend is set to continue in the years to come.One major factor that will drive growth in the sector is the increasing focus on quality production. The Indian government has been proactive in improving the manufacturing standards of pharmaceutical products, and this has led to better quality control and adherence to international regulatory standards.

Another factor that will contribute to the growth of the Indian pharmaceutical industry is the increase in medicine availability. India has a large population, and there is an increasing demand for essential medicines that are affordable and accessible.

In addition, the Indian pharmaceutical industry is embracing technological advancements such as artificial intelligence, machine learning, and big data analytics. These technologies are being used to improve drug discovery, optimize manufacturing processes, and enhance the overall efficiency of the industry.

The Indian pharmaceutical industry is poised for growth in the coming years, with a focus on quality production, increased medicine availability, and the adoption of technological advancements. This will not only benefit the domestic market but also contribute to India's position as a global leader in the pharmaceutical industry. The major contribution in this sector is governed by pharmaceutical contract manufacturers who have supported the industry integrally and have now become an essential part of the industry.

Akums Drugs and Pharmaceuticals Ltd.

Akums Drugs and Pharmaceuticals Ltd. is a WHO-GMP certified world famous and trailblazer pharmaceutical contract manufacturer recognized for its quality approach, prompt availability, scalability, and a grip on technological advancement. They keep an eye on the latest trends in the market and get the same adopted in full spring quickly and rapidly. Sometimes they are the one who introduces newness owing benefits for mankind. Adapting to the latest innovation and catering to market demands swiftly are the features of Akums that it outshines in the pharmaceutical industry.