Published on January 18, 2017

Indian pharmaceutical sector accounts for about 2.4 per cent of the global pharmaceutical industry in value terms and 10 per cent in volume terms and is anticipated to swell at a CAGR of 15.92 per cent to US$ 55 billion by 2020.

As per recent report, India’s cost of production is significantly lower than that of the US and almost half of that of Europe. It gives a competitive edge to India over others.

Recently Indian pharmaceutical industry and companies are dumping old ways of marketing for newer technology. The pharma industry’s marketing spends through digital platforms is estimated to shoot up nearly 50% in the next two years to touch Rs 220 crore.

Mobile apps and social media are set to play a bigger role in the growth of pharma industry.All the industry players are moving towards new advanced technology for quick services, Sun Pharma launched a mobile app called RespiTrack earlier this year for patient awareness on asthma and to ensure their adherence to treatment regimen.

As per report, taking a step closer towards fixing ceiling prices of coronary stents, national drug pricing regulator NPPA has asked manufacturers and marketers of the medical device to disclose detailed pricing data and information by the end of this month.

Market analyst said that, this digitization is helping companies to gear up for the introduction of the proposed uniform code of pharmaceutical marketing practices. Pharma industry is growing with good velocity and industry players are using innovative technology to help the customers and patient in a very short span of time.