It is not a hidden fact that the pharma sector has been soaring to greater heights in India. Past few years have been witnessing the per capital revenue generated by the pharma sector. The growth of the companies and business ventures has increased tremendously in the recent years.
There is not one particular reason for this rapid upsurge in the sector of pharmaceuticals in India. India serves as the best location for the pharma company to develop and provide the best resources for the development of these ventures. The minimal cost of production, establishment of the company, skilled and semi-skilled laborers, and sturdy research & development infrastructure. All of these factors sum up for the development of this sector in our country.
The time is not far when the global market will look upon India for its pharma needs and would move to the country for establishing their ventures. The large players of the western countries have soon realized the worth of Indian market and now, they move rapidly towards India in search of a better platform.
What makes these companies shift to India?
The reasons behind this rapid shift lie in the benefits that are offered by the Indian market to these companies.
- Low production cost. It has been one of the most obvious reasons for the western pharma companies to shift their business towards India. The production cost in India is 33 percent lesser than in the United States, which increases the probability of this sudden shift.
- Cheaper labor cost. The manpower in India is in abundance, which makes it a perfect place for setting up business as cost of the workforce will be lower than the normal rates in western countries. Plenty of skilled and semi-skilled laborers add up to the scenario. The labor cost falls by 55 percent in comparison to western countries.
- Easy establishment of the pharma business. Setting up a new pharma business venture in India is much easier than in western nations. It is because the businesses have to provide 40 percent extra in order to establish a manufacturing unit in western nations. As this cost is cut short in India, the businesses save a lot on their expenses.
- Exploring new opportunities. Since the cost-cutting becomes easier on the establishment of the manufacturing units, the businesses try their hands on newer things and technology. They take risks to develop and create new products and launch them in the market.
- The Indian market is open. The best thing about the Indian market is that it welcomes every new discovery and invention. With the increase in the pharma companies in India, the reach of the sector is also increasing rapidly amongst the individuals. The business companies can introduce their products in the market and receive consumer feedback in no time.
- Richness in Technical Competence. There is no second thought in proudly saying that India has been one of the richest countries in terms of technically competent and skilled workforce. The technical knowledge and management skills possessed by the individuals in India is far ahead than any other country, which makes it the most suitable platform for pharma sector companies.
The increasing demands and needs of the consumers are being taken care of by the rapidly growing pharma sector. It is not only creating business opportunities in India but also provides employment to the unemployed and deserving individuals. India thrives to be at the top in the global market.