Indian Pharmaceutical Industry: Strategies and Challenges In Formulations Marketing

The pharmaceutical industry in India presents a picture of robustness and healthy growth. Over the last 30 years, the industry’s growth has enabled India to emerge as a world leader in the production of high quality, low-cost, generic drugs. It has made giant strides and today manufactures over 400 bulk drugs and around 60,000 formulations. In 2006-07 the domestic pharmaceutical sales were valued at USD 7.9 billion and exports at USD 5.3 billion. The industry is governed by regulations that seek to keep drug prices under check for the ultimate benefit of the common man. In the organized sector of the Indian pharmaceutical industry, there are about 300 players. The marketing of pharmaceutical formulations involves the adoption of several strategies and overcoming many challenges successfully. Professional management of the sales force, proper product positioning, branding, ensuring promotional effectiveness in the doctors’ chambers and streamlining the distribution set-up are some of the foremost issues and challenges confronting the pharmaceutical firms. The industry has to comply with stringent Government regulations and invest in R & D for new drug discovery research. Another formidable challenge for the Government and the industry is to arrest the trade in spurious/counterfeit drugs. This book gives the reader an overview of the pharmaceutical industry in India. Besides this, it enables the reader to gain insights into the strategies adopted by pharmaceutical firms in the highly competitive industry environment and measures taken by them to counter the challenges in the industry.