Current Trends in the Indian Pharmaceutical Industry

The Indian pharmaceutical industry has seen a rapid rise in the past three years with rapid digitization and advancement of research in the field. This has opened gates for newer avenues of treatment for mankind. The pharmaceutical industry is expected to grow to $ 1.5 trillion by 2023. Listed below are the few current trends in the pharmaceutical industry today, which pave the pathway to global success in terms of blooming research and development expenditure:  

  • The global concept of E-pharmacies: Although considered a threat to their business by offline pharmacies, the concept of an E-pharmacy is believed to lead to unimaginable growth prospects for the pharmaceutical market industry. An E-pharmacy is a boon as it is efficient and responsible in remote areas. It provides easy and affordable medicines to the people at their doorstep in just one click and additionally, gives information about the medicinal remedies to the purchaser. With the continual effects of the pandemic on board across the country, many people avoid going to pharmacies and therefore, resulting in an ultimate setback for brick-and-mortar pharmacies.  Thus, people have switched to buying medicines online for fear of getting infected by covid-19. Although there is a rift between offline and online pharmacies, like any other sector, the amalgamation of the two will end up resulting in offline pharmacies opening an online market for them.
  • Rapid Digitalization with Artificial Intelligence (AI): The onset of digitization and technological innovations has developed to be the backbone of any growing economy, and thus, the same applies to the pharmacy industry as well. Hence, people have acknowledged and aligned their offline business platforms with online opportunities to stay in line and pace with the ever-changing business environment in the technological world. Consumers no more want to step out to buy goods and it is a world where doorstep service is given preference. The use of AI/ML has also changed the entire consumer behavior and now customers can experience medical consultations or pharmaceutical product testing in real-time, in an error-free and organized systematic environment.
  • Digital Records: The use of digital processes has been around for quite a few years, gradually taking up the pace with ever-changing technological advancements. The original paper-based processes have been converted to digital operations, making processes more efficient and error-free. Moreover, digital processes are especially helpful in promoting regulatory compliance because they allow pharmaceutical companies to closely track data and how it is maintained. Pharmaceutical companies appreciate this switch to digitalization because of the transparency it provides across the organization and all departments.
  • Cloud Computing: In the pharmaceutical industry today, cloud technology allows businesses to work with other stakeholders while enforcing efficiency and establishing error-free workflow management. Cloud computing also provides an inexpensive way to use analytics. Pharmaceutical companies rely specifically on cloud security and central access to analyze complex data in clinical research. Cloud scalability keeps records of thousands of remotely monitored patients and the confidentiality records are maintained by the cloud environment.
  • Digital Trainings: Online training courses for new technologies in the pharmaceutical sector ensure that teams have a solid understanding of the correct use of technologies such as digital signatures, patient planning portals, and electronic document software, which will reduce the likelihood of errors, helping pharmaceutical organizations to meet the regulatory standards for using that information. Online training courses can be offered anytime, anywhere, and can be personalized for each user, making them extremely cost-effective. 
  • Ensuring a high-quality production process: The quality and affordability of the product have been driving forces that determine the success of the company and the industry. The pharmaceutical industry revolves around these aspects and it is gradually migrating to high-quality and economical production processes. The industry trends define the current condition of the segment and lay the foundation for the future. The Indian pharmaceutical segment has partly achieved this goal as they are the leading producer of generic medicine. In addition to the presence of prominent multinational companies, the generic market caters to over 50% of the global demand for these drugs.

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