The Pharmaceutical Industry is one of the growing industries in the world. The world’s largest industry because worldwide revenues is approximately US$3 trillion.
Pharmaceutical industry develops, produces, and markets drugs or pharmaceuticals licensed for use as medications. Pharmaceutical companies are allowed to deal in generic or brand medications and medical devices. They are subject to a variety of laws and regulations regarding the patenting, testing and ensuring safety and efficiency and marketing of drugs.
Indian Pharmaceutical industry has shown high growth in the recent years. Top companies like CIPLA, Ranbaxy and Dabour have already established their presence.
Pharmaceutical Industry is an important contributor to the health and prolonged lives of the people, but at the same time it is largely a for-profit industry.
1.1 Purpose, significance and the context of the study
There has been a large growth in the Pharmaceutical industry in the world and as well as in India in the recent years. Pharmaceuticals have now become a daily part or the element of many people, so there is a need to study a bit about the industry. The purpose of this study is to introduce to the Pharmaceutical industry in India and marketing practices of the pharmaceutical companies, so that we can get more familiar to the industry and accept the get more comfortable with the industry. The future of the industry is very bright, that is, it is showing continuous growth and will tend to grow more in the near future, so there is a need to study about the industry so that it can be accepted easily in the future. The industry is a highly for profit industry and also plays an important role as a healthcare in the modern period. Chapter 2
Review of Literature
There have been various books, articles, journals, etc. that have been published with context to this dissertation.
I analyzed my data from various sources including reports of Department of Pharmaceuticals, Ministry of Chemicals & fertilizers, Drug Policy of India, Mashelkar committee report, export promotion council of India, Henry Grabowski’s article on the evolution of the pharmaceutical industry, Review of pharmaceutical marketing by Saurabh Kumar, etc., which allowed me to estimate the current status of Indian Pharma industry and growth potential.
Research Methods and procedures
The purpose of this study is to know about and introduce to the Pharmaceutical industry, study about the future of the Pharmaceutical Industry and Pharmaceutical marketing in India through a literature search and interviews. The literature search focused on the Pharmaceutical industry in the world and India as well as the marketing and business strategies in the industry.
Interviews were done with a series of 13 questions with 25 Pharmaceutical dealers in Gurgaon to find out the growth in the industry, innovation in the marketing tools, practices of different companies to increase the sales, etc.
Introduction to the Pharmaceutical Industry
The Pharmaceutical industry is the world’s largest industry due to worldwide revenues of approximately US$3 trillion. Pharmaceutical industry has seen major changes in the recent years that place new demands on payers, providers and manufacturers. Customers now demand the same choice and convenience from the industry that they find in other segment.
(source: IMS Health Market Prognosis)
Healthcare costs constitute a substantial part of GDP around the world. The pharmaceutical industry is an important contributor to the health and prolonged lives of people, but at the same time it is largely a for-profit industry.
Indian Pharmaceutical Industry
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