India’s Pharma Industry
India is one of the world’s largest pharmaceutical markets. With a population of over 1.3 billion, India is becoming the world’s second-largest consumer of drugs. Demographic changes, rising incomes and the increasing prevalence of chronic diseases such as diabetes, cancer drives the growth of the pharma sector. Rapid urbanization and an expanding middle class have increased the demand for both prescription and over-the-counter medications. There are number of other growth factors that support the industry. The government has also been recognizing the importance and has taken a number of initiatives to boost this sector.
Why is the Indian PCD Pharma Sector Growing?
The pharma franchise sector is experiencing a boom due to increasing demand, favourable demographics and an increasing need for medicines. The Indian healthcare system is also witnessing an increase in demand for medicines. Demand is through an aging population, a rising number of cancer patients and an increasing prevalence of non-communicable diseases. Non-communicable diseases like diabetes,cardiovascular disorders and mental health disorders contributes more in demand. Moreover, the government of India has introduced several policies to boost the Indian pharma industry. For instance, the Indian government has waived off the customs duty for several medicines and has also reduced the threshold for import of certain drugs.
Expansion of Distribution Channel in PCD Pharma Franchise IndustryDistribution channel strategy in PCD pharma business is significant in the battle to win distributors and consumers. In segments such as OTC or herbal, channel strategy is a core part of the overall marketing plan. The way consumers access products, the services and promotions deployed, the relationship with distributors and the impact of these are core considerations. However, distribution channel strategy had often been overlooked in the past. Now a mix of activities to support product differentiation, planning the approach to the components of channel carefully can result in gaining the loyalty of distributors and doctors. A more accurate definition includes the management of three key components:
The logistics to deliver products and services to the distributors; including the channels through which the company sells and delivers products.
The value-added services that augment the product.
Information flow through the channel, both inwards and outwards. (Not only how you gather sales data, but also the route of gathering the data).
Conclusion
The Indian pharma industry will grow rapidly over the next few years. This is due to a number of factors including increasing demand for medicines, favourable demographics and the increasing prevalence of chronic diseases, such as diabetes and cancer. To drive the growth of the industry, companies in the sector are also focusing on new molecule products and expansion of distribution channels. These key strategies are expected to further strengthen the PCD pharma franchise sector.
Published on: Dec 1, 2022
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