The Pharma Sector In India
The pharma sector is one of the largest revenue generators in the Indian business industry. Not only does it help to advance the economy of India, but also propels the growth of several other industries like the healthcare sector, cosmetic industry and the nutrition and wellness industry to name a few.
The pharma sector deals with R & D, manufacturing, marketing and selling of not only drugs and medicines, but also medical devices and equipment. The functioning of the entire pharma sector relies heavily on the manufacturing process. For the average pharma manufacturer India is a land of opportunities, and challenges as well.
Challenges Faced By Pharma Manufacturers
- Managing The Set Up
Manufacturing process of the pharma industry is not quite like in other industries. There are no godowns where all products are stocked and stored in gurneys. The pharma industry requires a lot of meticulous planning right from the nascent stages of manufacturing. The units for pharmaceutical production need to be constructed keeping in view the delicate nature of the goods that will be manufactured there. High levels of cleanliness and sanitation are required at all times within pharmaceutical production units.
- Adapting To Changes
Change is the only constant in this world, and nothing gets affected by change as much as businesses do. This change has not spared the pharma sector in India either. The age of digitization and technology has changed the face of the pharma industry. Pharma industries have had to undergo a lot of changes in their functioning in the past decade. These changes cost a lot of manpower, a lot of manual and mental effort and also a lot of money. It is quite challenging to adapt to these changes while running a successful pharma business.
- Adhering To Rules And Regulations
Due to the sensitive nature of raw materials and end products involved in the procedure of manufacturing medicines, the pharma industry is bound by a lot of regulations. There are inspections, sanitary checkups and quality analysis procedures performed on a regular basis by government bodies to regulate the functioning of the pharma sector.
- Safety Standards
In the pharma industry, safety standards are adapted not only to regulate the manufacturing process of drugs, but also to look out for the wellbeing of the staff involved with the manufacturing process. Manufacturing of drugs involves mixing various chemicals and drugs. This process needs to be performed under a highly regulated environment to avoid chemical instability. For example, to manufacture amoxicillin and potassium India has laid down safety parameters. It is mandatory for all pharma manufacturing units to adhere to all safety parameters laid down by government bodies.
The pharma sector is a goldmine for those who are ready to invest time, energy and dedication. Adapting to the changing environment within the industry and sticking to the rules is the key to succeed as a pharma entrepreneur.