What plays a sizable role in establishing a healthy survival of us? It is none other than medical science. There are various aspects and facets of medical science, and healthcare is one of the pivotal ones. When we mention healthcare, we cannot forget the PCD pharma companies.
In India, the pharmaceutical sector has always been a promising and performing sector. So far, the growth has been in harmony with the medical sector. What are the upcoming trends in the sector, according to the subject matter experts?
Here are some of them.
Increased revenue growth
It is estimated that the overall revenue generated by the pharma sector in India will cross the 120 Billion USD mark by the year 2030. It means, the decade will bring a phenomenal change in the market valuation. This momentous expansion will be possible because of the overall growth in all areas-research, sales, marketing, customer support, and so on.
Due to revenue growth, the sector will be able to provide lucrative employment opportunities.
The sector will emphasize on AI
Artificial Intelligence or AI is the buzzword today. Experts say that it will bring a big change in:
- The product development process
- Providing good consumer experience
- Customizing patient treatment
Supply chain process improvement
Another big area where you can expect improvement in the supply chain process. A pharma industry typically has multiple vendors and service providers. These middle agencies link the manufacturing unit and the consumer. Every unit plays a crucial role in the process and ensure timely delivery. The supply chain impacts the cost of the product.
Hence, companies are interested in standard and effective procedures to streamline the supply chain process.
What is a generic medicine? It is a drug developed with the exact combination of the prescribed medicines that are not associated with any brand. Since different companies produce the same drug with different brand names and compete with each other, it increases the competition. Every company has to follow a unique promotional strategy to grab the market share.
It makes the drugs unattainable to people. Generic medicines are available to consumers at affordable rates. Experts say that the market of generic products will increase manifold in the coming years.
Also known as preventive medicine, it focuses on the development of drugs that can prevent illness even before it erupts. These are some trends that may bring a change in the big pharma franchise in India.