The Indian pharmaceutical industry is progressing rapidly but due to the lack of funds and insufficient amounts of research and development, they lag behind in the global arena. There is, however, one aspect that holds back the progress of the pharmaceutical manufacturing industry in India – a lack of an infrastructure that allows the industry to flourish. India’s main weakness lies in its inability to upgrade its aging infrastructure. Western companies are aware of this and are continuously seeking to fund small scale companies in India.
According to estimates, India has the fourth largest number of pharmaceutical manufacturing facilities in the world. This figure was achieved only during the tenure of British rule. During the rule of Indira Gandhi and Jawaharlal Nehchal, there was an increase in the number of such plants, but it declined drastically after independence. It is evident that major changes took place in the industry after independence. With a stronger political milieu and social environment, there has been a change in the attitude of the people towards investments in the pharmaceutical sector in India.
There are many reasons why Indian pharmaceutical companies need to increase their research activities. Increased demand for medical services in India has resulted in the rising of demand for more hospitals, clinics and research centers in the country. There are also many new diseases and technologies that are being discovered everyday. This calls for increased investment in research and development.
Pharmaceutical companies generally prefer to invest in new products that have not been tried before or are still at an experimental stage. Thus, new viruses that attack different body parts are very much welcomed by the pharmaceutical industry. New products that improve on already existing products also find favor with investors. It is also due to this reason that new drugs are introduced into the market for improved versions of previously existing drugs. Many projects done by pharmaceutical companies are focused on the production of antibiotics and various other medicines that increase the efficiency with which they fight diseases.
Most of these projects done by companies are meant to produce generic medicines that can be used for treating different diseases. Some projects done by companies are focused on the production of anti-tuberculosis and cancer drugs. These medicines are highly essential as they have helped in reducing the number of people suffering from such disease. Some of the companies also undertake research into nano technology and computer technology. This helps them develop new viruses that have the power to fight against various different diseases. There are also many companies that seek to make use of renewable sources of energy to create power and generate electricity at a low cost.
In this context, it can be concluded that it is possible for India to take advantage of the western investment in medical science. The government is making efforts to expand the pharmaceutical industries in India and attract more investments. However, all these projects will not become a reality without the cooperation of the private sector players in the pharmaceutical sectors in the country.