Living in the 21st century the field of medicine is growing very exponentially. In such a hectic era most of us are not able to take care of our body or health properly which results in the need for health care, and pharmaceuticals every day.
Many studies have been found that the pharmaceutical industry has expanded worldwide but India is still far behind. The main motive of the pharmaceutical market is to bring good medication at individuals’ levels with the proper and acute supply of medicine. It involves discovering, developing, producing, and market drugs and equipment set-up.
NPCS’s aim to provide you complete detailed project report and act as complete assisting body for providing information to set-up of manufacturing unit. Here NPCS takes you towards all the glimpse of which targets to provide you benefits. Here are some key points how and why one should why to invest in this business:
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Demand:
In between 2015-2020, the Indian pharmaceutical industry is expected to grow by 15 percent per annum. NPCS’ provides an efficient and cost-effective source for getting a hold of generic drugs, especially the drugs that are going off their patents in the coming years. This industry is expected to grow at 5 percent per annum. By 2020 India is expected to be the 6th largest pharmaceutical market globally.
Read our Book Here: Handbook on Active Pharmaceutical Ingredients (API), Drugs & Pharmaceutical Products
The Biotechnology Industry is expected to reach the US $100 Billion by 2025 which comprises biopharmaceuticals, bio-agriculture, bio-services, bio-industry, and bioinformatics. Indian pharmaceutical sector accounts for about 2.4 percent of the global pharmaceutical industry in value terms and 10% in volume terms. India accounts for one of the highest exports approximately 20% of global exports. India is one of the fastest-growing industries in the pharmaceutical. India ranked 5th in terms of getting FDI for the drug and pharmaceutical sector.
Requirements- set-up of Drug & Pharmaceutical unit:
Talking about the Indian market although is highly fragmented it still enjoys a strong global position. As, India is the hub of a highly skilled person such as engineers, doctors, and scientists who are contributing a lot to boom the pharmaceutical Industry.
Plant as per GMP standards, premises, and buildings.
- Set-up of a firm or company.
- Categories the plant ‘s sectors.
- Recruit the technical Persons such as a manufacturing chemist and analytical Chemist.
- Set-up of machinery and laboratory equipment.
- Installation of an HVAC unit.
- Needs of workers and supervisors.
- Select the medicines to be manufactured.
- Needs to have a NOC for required departments such as pollution board, MC, and so on.
- Needs to have a manufacturing license and distribution license.
- Needs to register the Factory under Factory Act.
- Get the raw material suppliers.
- Get packaging material suppliers.
- Get the distributors and/or marketing companies for output consumption and buyers
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Investment required:
For the set-up of drug & pharmaceutical industries, the total investment is required for the different sections from the setting of machinery to the availability of raw materials. NPSC gives complete guidelines for setting of Industries and required investments.
- The total investment is completely dependent upon the small or medium scale of industries.
- Investment for setting up a manufacturing plant.
- For Infrastructure and machinery.
- Funds for allocation of industries.
- Identify the category of drugs on which you want to invest as per the demand because there are thousands of products in the market.
- Investing money for manpower who delivers the best services to the customers.
- Promotional activities and marketing to increase sales.
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India is the largest provider of generic drugs. Pharmaceuticals Industry is such an industry whose demand is never going to end, even according to an individual lifestyle demand for a drug is going to increases a lot. Generic drugs need to be equivalent to a brand-name product in dosage, strength, quality, performance, and use. This also includes advertising part related to a particular name, symbol, or design attached to it that sets it apart from its competitors. There are several ways for gaining the scope in Drug & Pharmaceutical manufacturing unit. From manufacturing to selling brings a benefit to the individual business owners. One can also, established the pharmaceutical market in many foreign countries, as India is a hub of many natural medicines that has great demands worldwide.
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