Why do most of the overseas countries choose Indian market for medications?

It is quite hard to ignore the Indian market which is full of pharmaceuticals wholesalers such as Ikris Pharma Network and others. Foreign companies view India as a potential significant contributor of future sales and are ramping up their investments in the country accordingly. The domestic market of India looks promising for global pharma looking forward to launching new products. The country has potential in various phases including  R&D, clinical trials, and contract manufacturing, which helps it in making a preferred outsourcing partner for the global pharma for the perspective of the value chain. Foreign pharmaceutical companies are quite eager in order to enter the Indian market for medication.

One approach is to call on India’s increasing expertise in biotechnology, bioinformatics, and clinical testing. There are several overseas firms or companies that have outsourced research and clinical trials to Indian contractors, while some others have entered into the collaborative Research & Development arrangements to supplement their R&D productivity. Numerous foreign companies have also already initiated research on neglected diseases. We believe that many more will do so, as the patent regime is strengthening. This will enable them to capitalize on the cost savings to be gained from shifting some research activities to India, without jeopardising their most valuable intellectual property.

Developed Domestic Market:

Moving on to another approach, which is to tap into the growing domestic market. Foreign companies or firms with a product portfolio spanning across different therapeutics segments can look at bringing newer products in India by entering into collaborative networks across the value chain, from sourcing and manufacturing to marketing and distribution.
In the domestic market, IKRIS PHARMA is fast growing International pharmaceutical wholesalers with the expertise in named patient import services. The company facilitates patients in accessing medicines and other pharmaceutical products which are not registered or unavailable in their local country.

Promising Pricing: 

India’s pharma market is highly fragmented and remains extremely price sensitive. Affordable healthcare continues to pose a challenge, although there are a number of healthcare initiatives by the Government underway to improve the situation for India’s vast population. Courts and regulatory authorities of India are very sensitive in order to pricing issues in the making decisions around intellectual property. Newcomers, pharmaceuticals wholesalers or companies in India may need to go with the differential pricing. They will need to evaluate access to medicines, a volume-based pricing strategy and take into account gradually increasing per capita incomes to come up with acceptable price levels for their drugs. Global pharma firms would  need to determine how to initiate manufacturing their products. Also, identify and develop rigid local partners.

Over-The-Counter (OTC) Drug: 

One way to build a presence in India may be through an increased presence in the OTC market. Promoting a variety of OTC products can serve as means of building the brand awareness and as a big source of new revenues. Indigenous producers dominate the generics business, and about 97% of all drugs sold in India are already off patent. The over-the-counter drug, HIV medications and oncology medications, etc, market is by contrast relatively fully undeveloped. Indian consumers already pay privately for the lion’s share of their healthcare, and the Government is too hampered by budgetary constraints to reverse this pattern. In the upcoming time, it seems likely that access to over-the-counter drugs will be enhanced and the market would continue to expand.

India’s appeal is growing rapidly in a number of respects. It has long been playing a formidable role in the phase of pharmaceutical manufacturing, but its socio-economic qualities provide even high grade grounds for optimism. If the specific economy outpaces that of every other developing or emerging nation for the upcoming half of the century, as many commentators have expected, immense portions of the population would be able to access and afford newer drugs. India’s boosting scientific strength and expertise would also equip it to play an essential role in order to R&D of  those medications. It has a large pool of highly educated, English speaking scientists who can undertake research and conduct trials more cheaply and in some cases faster than their Western peers. In this way these are the major benefits in a world where the cost in development of drugs are soaring and also getting to market fast is vital.