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Pharmaceutical Market Is Witnessing Growth Opportunities Due to Changing Trends

Posted on: Mar-2017 | By: 9Dimen Group | Pharmaceuticals and Healthcare

Pharmaceuticals play a vital role and in human health cycle and habitat. Experts who are well versed with industry performance claimed that, the industry is going to flourish by growth rate of 45% by 2025 due to growing advancement in pharma sector and growth in the per capita income. 
A summit was arranged by Indian Institute of Health Management Research (IIHMR) University to discover the growth opportunities and restraining loop holes in the manufacturing process of the pharm industry. The factors that were analyzed and which came out as responsible factors for the growth of the Pharmaceuticals market in India are rising startup culture, demonetization, new product development and controlled services taxes.
S. D. Gupta —the chairman of IIHMR University, said that the cornerstone of this growth prospects can be attributed to growing exports, augmenting domestic sale, rising elderly population, people adopting health insurance coverage. These factors also majorly impact on the production rate, smart management, accessibility, and availability of products specifically in remote areas.
Growing incidences of severe illness, growing number of road mishaps, and spreading awareness of the effective medicines, and availability of generic medicines has also boosted the growth of pharmaceuticals market. Rising number of health care facilities, long-term facilities, hospitals, retail pharmacies.
India has been gaining various medical product based startups that majorly focus on end-to-end medical solutions have a huge contribution in the role of raising the demand of medicines due to which high growth opportunities  as well as high demand for pharmaceuticals product is generated.
Government initiatives to set up chemical hubs, improvised drug regulatory system, growing number of drug testing laboratories, introduction of incentive plans for bulk drug manufacturers, and improved monitoring standards for imported and exported drugs are some of the factors that play a vital role in boosting the growth of the pharmaceuticals market.