According to a late 2016 report by Technavio, the global pharmaceutical contract manufacturing market was valued at 65.10 Billion USD in the year of 2016, and by the year of 2022, the same is estimated to touch 94.38 Billion USD.
In terms of volume and value, India is the 3'rd and 13'th largest Pharma manufacturer respectively. The country is contributing approximately 10% to global production.
The industry of India Pharma as a whole grew by 18% for the last decade. Clearly, the facts and figures of the industry for the past few years are evidence that India has not only entered the global Pharma map, but is here to stay.
India has a vital role in the production and supply of medicines at international level, as, currently more than 80 percent of the FDA-approved antiretroviral medicines used globally in order to combat AIDS are significantly supplied by the Indian pharmaceutical companies/firms.
What is Contract Manufacturing: Contract manufacturing typically refers to the outsourcing of certain production activities of a pharmaceutical company/firm to 3'rd-party vendors. This could include the outsourcing of the production of parts, components, or the finished product itself. For instance, the pharmaceutical companies/firms share the chemical composition or formula of a medicinal product with pharmaceutical CMO (Contract Manufacturing Organizations) which in turn mass manufacture them at their facilities.
The high degree talent pool and best affordable labour in terms of comparative costs have established India one of the most preferred places for contract manufacturing and firms from Europe and USA and of late from Japan have already started shifting towards India in a significant way mostly through collaborative settings and facility sharing.
Contract manufacturing is progressively recognized as a strategic choice by Pharma players to enlarge their global market footprint for zillions of reasons. The major drivers among others for the growth in Pharma contract manufacturing are:
Dwindling profit margins in highly competitive global Pharma marketplace;
Growing demand for generic medicines; patent expiration of significant therapeutic brands;
Demand for up-to-date processes;
Requirement for high-quality & D facilities and cost-effective production technologies that meet the global regulatory requirements;
Initiatives by government in healthcare sector;
Innovation/advancement in biologics and great potency API; and
Escalation in the incidence and growth rate of cancer, cardiovascular diseases, diabetes and psychological illnesses.
Role of Ikris Pharma Network (IPN) in Contract Manufacturing: Ikris Pharma Network provides Contract manufacturing services to the pharmaceutical companies / Hospital for manufacturing products under their brand / private label manufacturing. This is as per the regulatory requirements of the specific country. India is a well-known hub of World Pharmaceutical Manufacturing.
There are so many advantages for getting pharmaceutical medicinal products manufactured from India. India is engaged/involved in providing or supplying best quality Generic medicines to the world. There are over 10,500 manufacturing companies, based in India. There are over 600 manufacturing plants in India, approved by USFDA.
If you're looking for Contract Manufacturing/Private Label Manufacturing, then Ikris Pharma Network (IPN) can be your one stop solution. Please get in touch with us either via our TOLL-FREE: 1800-889-1064, Or Call/WhatsApp: +91 8130290915, Or Email: info@ikrispharmanetwork.com. IKRIS'ians are here for you whenever you need us.
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