GLOBALZATION AND RESULTING OPPORTUNITIES AND CHALLENGES FOR THE INDIAN PHARMACEUTICAL INDUSTRY

Arora, Gaurav (2009) GLOBALZATION AND RESULTING OPPORTUNITIES AND CHALLENGES FOR THE INDIAN PHARMACEUTICAL INDUSTRY. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

Indian Pharmaceutical industry in the past four decades has achieved a very good growth rate in the market. This has been made possible as a result of globalization which not only has made the industry very competitive but also offered many choices of products to the consumers in the market. At the same time globalization has resulted in many challenges as well as opportunities for the pharmaceutical industry and now the pharmaceutical industry has to improve its efficiency to maximize their potential in the market. This dissertation is an attempt to analyze the challenges and opportunities which have resulted for the pharmaceutical companies operating in the market as a result of globalization and has also recommended certain measures through which it can improve its potential in the market.

Pharmaceutical industry began its journey in 1970 with the passing of Patent Act 1970. With the passage of the Patents Act (1970), India excused itself from compliance with the standards of intellectual property (IP) protection in the United States of America and most European countries. Patents Act (1970) has made it completely legal in India to manufacture and sell pharmaceutical products that were under patent elsewhere in the world. Another major change in the scenario of Indian pharmaceutical industry came in 1995 when India joined World Trade Organization and the country agreed to implement the TRIPS. This was supplemented by the liberalization measures which have started by government as a part of its Industrial Policy 1991. The subsequent amendment carried out in 2005 in the Patent Act further increased the popularity of Indian pharmaceutical industry for the rest of the world. Post 1995, many multinational companies have entered into alliances apart from starting clinical trials in India.

This research has attempted to uncover the challenges and opportunities posed before the Indian pharmaceutical industry and have also highlighted the methods through which the share of pharmaceutical industry in the market could be increased. Qualitative research methodology was used in this research and the results of data analysis show a positive picture of pharmaceutical industry in the market. The need today is to increase the expenditure on research and development so that new and innovative products and drugs could be introduced for the market. The pharmaceutical companies by reducing the cost of production and the cost of supply chain management can benefit from the new opportunities which have emerged in the Indian pharmaceutical industry.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 10 Aug 2010 10:37
Last Modified: 24 Oct 2016 15:54
URI: http://eprints.nottingham.ac.uk/id/eprint/23475

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