14 lakhs Pharma shops along with 10 million fmcg shops are ready to cater OTC medicines. More Than 72 thousand otc medicines brands are fighting for their place in market covered under 12 categories range.
This industry is an example of regulated and disciplined market,better penetrated and established one.
India is expected to be the third-largest global generic active pharmaceutical ingredient (API) merchant market by 2016, with a 7.2 per cent market share. The country accounts for the second largest number of Abbreviated New Drug Applications (ANDAs) and is the world’s leader in Drug Master Files (DMFs) applications with the US.
The country’s pharmaceutical industry expanded at a compound annual growth rate (CAGR) of 9.4 per cent in 2013 to reach US$ 12 billion and is expected to expand at a CAGR of 23.9 per cent to US$ 55 billion by 2020. With 72 per cent of market share, generic drugs form the largest segment of the Indian pharmaceutical sector.
In terms of value, exports of pharmaceutical products from India increased at a CAGR of 26.1 per cent to US$ 10.1 billion during FY06–13. Generic drugs account for 20 per cent of global exports in terms of volume, making the country the largest provider of generic medicines globally and expected to expand even further in coming years.
The Government of India plans to set up a US$ 640 million venture capital fund to boost drug discovery and strengthen pharma infrastructure. Pharma Vision 2020 by the government’s Department of Pharmaceuticals aims to make India a major hub for end-to-end drug discovery.
With 70 per cent of India’s population residing in rural areas, pharma companies have immense opportunities to tap this market. Various companies are investing in the distribution network in rural areas. India also has the potential to attract huge investments to its clinical trial market.
Further, Pharma Industry in itself have branches for Herbal,Ayurveda & Homeopathic.Interestingly,Products are available in all segments for same problem.Hence A tough inter competition acts for same same need of consumer.
But the business dynamics are quiet different for all above branches of Pharma Industry.Hence a separate business strategies are required.More than this, most of organization carry product range of more that two branches of pharma industry.
Consumer behavior for all these industry is also complex and more or less decision making process involves one or many person.Several other factors make this segment quiet specific and multi segmented.
All the factors collectively makes this market a true multidimensional market where several forces are acting over each other.Hence requirement is to understand these and act accordingly to insure success.
We at The Consultants,provide cutting edge strategic services to manage this multidimensional complex market competition on consumer level.since we work on the psychology of consumer hence strategies developed acts on end users brain and converting them as your ever lasting brand loyal consumers.
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