Indian Pharmaceutical Industry: Strategies and Challenges In Formulations Marketing

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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.

ABOUT THE AUTHOR B.V.S Prasad

B V S Prasad is an Engineering graduate from IIT, Kharagpur and holds a Post Graduate Diploma in Business Administration from Indian Institute of Management, Ahmedabad. He has over 30 years of varied industry experience in Consultancy, HR, Finance, Production and Industrial Engineering areas. He is currently working as Senior Faculty Member at Icfai Business School Research Center, Chennai. His areas of interest include Soft Skills, Training and Development, MIS and Management Control Systems.

ABOUT THE AUTHOR K. Gowri Shankar

K Gowri Shankar holds an MA in Politics & Public Administration and an MBA from the University of Madras. Currently, he is working as a Faculty Associate at Icfai Business School Research Centre, Chennai. Prior to joining Icfai, he worked as Sales Manager in Tablets India Limited, Chennai and Ethnor Limited (a subsidiary of Johnson & Johnson) Mumbai, as Senior Client Support Manager in Career Development Foundation of Oman, Sultanate of Oman and as Assistant General Manager-Entertainment in MGM Group of Companies, Chennai. He has thirty years experience in marketing, sales and general management. His areas of interest are marketing, sales and business strategy.

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Bibliographic information

Title
Indian Pharmaceutical Industry: Strategies and Challenges In Formulations Marketing
Author
Edition
1st ed.
Publisher
ISBN
9788131416273
Length
284p.
Subjects

tags

#Pharmaceutical