10 Reasons Why Global API Customers Look Forward To Indian Pharma companies
1. Fast Development: The API and Pharma Intermediates markets of India have
a very fast development in last few years. Indian companies are Renowned in the world’s most vibrant market. Resulted, India has attracted many
drug companies around the world.
2. Technical and regulatory capabilities: The pharmaceutical industry
in India has also experienced rapid advancements in recent years. The technical
capabilities, production skills, and regulatory knowledge of the local
companies have accordingly been greatly improved and reached acceptable levels
for global companies.
3. Low cost services: Apart from technical capabilities Indian Pharma
companies are tied with the still-low costs of their services and/or products
compared with those of the developed countries, and this made India as the
primary preference of global drug companies for sourcing raw materials and
finished products or outsourcing of manufacturing work.
4. What we can learn from China: China has a better general industrial
infrastructure because the Chinese
government has put enormous efforts and investments. The logistic service in
China also better developed and less expensive than in India. These advantages
have made China attractive to foreign companies looking for a country where
doing business is relatively easy.
5. Why India is better: India has better information technology (IT),
which is significant since IT skills play an important role in data management,
bioinformatics, and clinical trials.
6. Business Culture : The business philosophy and operating culture in
most Indian companies are closer to Western traditions. This makes Indian
companies easier to negotiate and reach business deals with their Western
partners.
7. Indian Education system for Pharma Industry: India should emphasize
more on its education system in biology, molecular biology, and other life
science–related fields, resulting in, a better biotech industry.
8. Indian Pharma Giants: India has paid attention to promoting its
pharmaceutical industry. This has directly resulted in a stronger pharmaceutical
industry in India. India has a big no. of companies who has the capabilities
and strong enough to compete full-scale in the international market.
9. Low cost Labour and raw material: Current labour and raw material
cost is quite lower in India in comparison to other global companies this fact
makes India more attractive for global companies when they source bulk
materials or outsource long-term, large-scale manufacturing projects.
10. Reverse Integration of Pharma Companies: The majority of Indian pharma
companies started with simple dosage forms and then gradually moved to novel
and/or complex drug delivery systems, and later decided to expand their
business scope to include APIs. This development model is commonly called
reverse-engineering.
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