The Scope of Pharmacy Industry in 2024
Table of Contents
Introduction
The Indian Pharmaceuticals industry is, as per reports, one of the fastest-growing industries in the world which commands a significant share of over 20% in the global medicine supply chain.
The recent trends in pharmaceutical industry show that it has played a crucial role in raising India to the reputable status of the “Pharmacy of the World”. The Indian pharmaceutical industry is likely to reach USD 65 Billion by 2024.
Universities and pharmacy colleges such as MGU also provide Pharmaceutical degrees from bachelor's to doctoral levels. Earning any one of these degrees ensures them to work in many job positions or also go for higher education. For students who are interested in working in Pharmacy but are confused about where to start, read the following to know the full pharmacy scope in 2024.
Scope of Pharmacy in 2024
Pharmaceutical Industry Importance:
The Pharmaceutical Industry importance has increased in the last century and has seen a steady improvement in the quality of life for people across the world. The Pharmaceutical Industry plays a vital role in transforming the healthcare industry by discovering new drugs and developing vaccines and therapeutics.
The pharmacy scope extends beyond employment, specifically, individuals can also opt for higher education as well. Pharmacy is a relatively stable career and there are always open job positions with scope for advancing to the next level. Some of the options Pharmacy students can look into have been elaborated below.
SALES AND MARKETING : -
Pharmacy companies hire many graduates in sales and marketing positions. These individuals are knowledgeable about the medicine being manufactured. As a part of their work, they are required to approach clinics, pharmacies, and hospitals and convince them to stock their medicine. Undoubtedly, this role requires good communication skills and the ability to convince people.
DRUG MANUFACTURING : -
Pharmaceutical companies also require experienced pharmacy students in the roles of drug production. The individual would be responsible for any position in the entire manufacturing process. This role not only requires knowledge of drugs and composition but also state and national rules and regulations regarding the same. To be successful in this role, one must pay attention to detail and also have an organized work style.
QUALITY ASSURANCE : -
In the drug production process, before the said medicine is packed and bottled, there is a quality check step. This step in the whole process is crucial to make sure that no harmful product is being sold. If this step is skipped out or a faulty product makes it to the market, the company might end up with a heavy fee. The scope in the pharmaceutical industry is quality assurance is undeniable and large.
RESEARCH AND DEVELOPMENT : -
Besides a bachelor's degree in Pharmacy, a master's in pharmacy can also enable individuals to work in research and development. In R&D, one is primarily working at finding out new and better drugs or working on existing drugs to make them better and more effective. This step can also involve minimizing the side effects and also getting patents for the new medicines.
HIGHER EDUCATION : -
Besides seeking out employment, there are multiple higher education options as well. Depending on what the education level of the individual is, there are master's degrees and doctoral degrees. More education would mean more jobs would open up and also a higher pay grade. Admissions will differ for each course and also some courses might also require prior work experience.
Also Read : What are the Skills Required to Pursue a Pharmacy Degree?
Recent Trends in Pharmaceutical Industry
The recent trends in pharmaceutical industry show that there is a significant transformation, due to the rapid integration of technologies like artificial intelligence(AI), additive manufacturing, and blockchain. Below are the 5 key pharmacy industry trends, you can see :
AI in Pharma
The use of artificial intelligence (AI) is accelerating drug discovery and development processes. Innovative startups are leveraging AI to tackle industry challenges, manufacturing processes, and effective marketing strategies for post-launch success.
Big data analytics
The pharma industry requires high-performance systems to analyze the large volumes of data generated during the drug discovery and development process. The advancement in analytical techniques is also turning historical and real-time data into valuable insights.
Additive manufacturing
Additive manufacturing enables the crafting of customized medical formulations tailored to individual age or physiological profiles, as well as the creation of precision dosage pills.
Blockchain
Blockchain technology is crucial at every stage of drug production and distribution in the pharmaceutical industry. Moreover, blockchain is being examined as a reliable tool to tackle the use of counterfeit medicines and substandard drugs, which compromise the pharmaceutical supply chain and result in many patient deaths each year.
Digital Therapeutics
Digital therapeutics are based on providing non-drug, technology-centric solutions to prevent, manage, or treat a wide range of physical, mental, and behavioral conditions.
What is the Future of Pharma Industry?
As the Indian pharmaceutical industry currently commands a market share valued at approximately US$50 Billion, experts forecast a promising journey in the future of pharma industry.
This trajectory is set to propel the Indian pharmaceutical market to a staggering US$65 Billion by 2024 and a monumental US$130 Billion by 2030.
India, as the second-largest contributor to the global pharmaceutical industry, plays a pivotal role on the global stage. The industry encompasses a diverse spectrum, including drug development, bulk drug manufacturing, vaccines, contract research, and biologics.
India’s globally recognized role in providing affordable HIV treatment underscores the impact of Indian medicines worldwide. The future of pharma industry is not limited to domestic growth alone. Indian drugs are exported to over 200 countries, with the United States, Belgium, South Africa, the UK, and Brazil leading as the top destinations.
Why Study Pharma?
Pharmacy degrees are much more than working in a neighborhood pharmacy shop. There are not just several job positions but also many higher education options too. Besides that, some of the top reasons why one should opt for a B.Pharmacy course are as below.
- Pharmacy degree holders have a greater degree of flexibility than others because they can either work as entrepreneurs or in a hospital.
- Pharmacy graduates can work in several different industries such as sales, marketing, research and development, manufacturing, quality check, education, etc.
- Working in the Pharmacy industry is comparatively stable. Most graduates can find employment within months of graduating with a degree as well.
- Higher education degrees in Pharmacy such as doctoral enable people to work in research and development. This lets people make significant discoveries and make a mark in the industry.
- Pharmacy graduates can have a greater scope of community pharmacy in ensuring the quality of medicines, storage, dispensing, and documentation.
Job Profiles After a Pharmacy Degree
As per the World Health Organization (WHO), there are approximately 2.6 million pharmacists and other pharmaceutical personnel all over the world. The pharmacy scope & job opportunities in this field are huge. Also, the future of pharma industry is bright.
Pharmacy degree holders can work in various capacities, both as entrepreneurs and also under an employer. Some of the most popular job profiles most graduates choose to work for are below.
COMMUNITY PHARMACIST: -
A Community Pharmacist is the neighborhood Pharmacist. They typically own the clinic or pharmacy they work at. They will work directly with the patients and general public. They will sell medicines as per prescriptions and also sell over-the-counter medicines without prescriptions. Community Pharmacists do not give prescriptions but can give general recommendations. On average, they earn around INR 3.21 to INR 20 LPA.
HOSPITAL PHARMACIST : -
The Scope of Community Pharmacy is that a Pharmacist works in a hospital setting. They are under the direct employment of the hospital administration. They will work in the pharmacy attached to the hospital and work with patients of the hospital doctors. Sometimes Hospital Pharmacists also make rounds with the patients and are in direct communication with the medical staff. Besides computer skills, one must also have communication skills with Hospital Pharmacists. The average salary range is around INR 3.43 to INR 7.95 LPA.
QUALITY CONTROL MANAGER : -
As a continuation of the previous job scope in quality control, one can work as a Quality Control Manager. They are hired by drug manufacturers and will work in making sure the drugs are safe to consume. As a part of their work, they will also set safe consumption limits for certain diseases and illnesses. These individuals should have knowledge of the local laws as well. An average Quality Control Manager earns INR 4.27 to INR 20 LPA.
MEDICAL WRITER : -
Medical writer is a technical writing position where individuals with work experience or degrees in a particular field are hired to write. They typically write blogs, books, reports, website content, etc. Alternatively, some Medical Writers also work with doctors and write up terms of using medicine and other medical records. Medical Writers are either freelancers or full-time employees and earn around INR 2.04 to INR 10 LPA.
The Indian Pharmaceutical industry is massive and caters daily to millions of Indians. To help in doing so, there is a need for trained professionals with expert knowledge. The future of Pharma industry in India is at an all-time high and there is no end in sight.
Also Read : Your Complete Pharmacy Career Guide
Conclusion:
In the end, the pharmacy scope in India is huge and future of pharma industry is bright, offering extended opportunities for those passionate about healthcare. This profession not only contributes to personal growth but also serves the crucial mission of enhancing the well-being of individuals and communities. Therefore, the pharmaceutical industry importance in India is dynamic, and promising, and holds the potential for fulfilling and impactful careers to make a positive impact in healthcare.
Frequently Asked Questions
What is the future of pharmaceutical industry?
As discussed above, emerging and growing scientific areas in the pharmaceutical sciences are becoming more widely available, pharma companies are experiencing a wave of innovations, leading to a bright future for the pharmaceutical industry.
Is there any future of pharmacy in India?
The pharmaceutical industry in India is expected to reach 65 billion US dollars by 2024 and 130 billion US dollars by 2030.
Which pharmacy field is best?
Some of the best pharmaceutical fields are pediatric pharmacology, clinical pharmacology, consultant pharmacology, pharmaceutical research, and others.
Will the pharmaceutical industry grow?
The pharmaceutical industry in India is expected to grow by 65 billion dollars by 2024.
