Pharmaceutical industries- An overview of growth
In the recent time especially in India is a big challenge for innovators to design a concept which can be unique. As we know that most of industries are not showing growth in terms of market return and all the core industries are running under losses as a result unemployment increases. So it is a big challenge for the young graduates to get a good job in the corporate world and there is a need to provide directions for solution of this problem. But if we look into the pharmaceutical industry the picture, it is a different scenario in terms of market growth, prospect and demand. Looking into the nature of household buying, these products also have same demand like regular commodities of the household. From the study of different reports (especially IBEF), it is obviously a sector enjoying high growth and can boast of huge level of investments. The industry is one of the major contributors to a nations GDP and, in case of India, to its export basket. In India more than 2000pharmaceuticalmanufacturers operate produce more than 50000 drugs. The nature of disease is changing, and companies investing money to develop new medicines to match the demand of the country and outside. On the other side, growth of insurance sector is increasing and at the same time government also taken lot of initiatives to access health services in the different level of communities. This may be up gradation of medical services, and also insurance scheme. As a result, country like India is now in a good position to provide heath service and people also maintaining taking these opportunities. At the same time this is sector generate huge scope of employment in the area of research and development, hospital services, community service but the huge scope in the marketing of pharmaceutical products. So above fact helps us to understand the icebreaking growth of pharmaceutical industries in India and also have a very strong competitive market in India.
Why MBA in Pharmaceutical Management:
The above discussion makes us clear that the growth of the pharmaceutical industry in India is huge. When a sector grow, it is obvious that the surrounding market condition also improves. If we go back few year ago there are few companies operating in the market with some specific drugs. But now the scenario changes, local player are entering in the market with different drugs as a result of branded companies are facing difficulty to meet the challenges with local players. The local players are designing all their marketing strategy by looking into market environment of this region and in the country. Now the market is very much competitive, so the workforce used by the companies earlier may not be effective for longer because of competitive nature of the market. Now industry requires different level of skill set who can generate and create market with effectiveness and efficiently. In this connection, I found the candidates from MBA in pharmaceutical management program will play a huge role to bridge the gap between market and companies expectation because they will be able to manage the market with knowledge of products, industry and strong professional skills. That helps the companies to implement a good marketing strategy which may protect them from market declining position.
Uniqueness of MBA in Pharmaceutical Management
The course has been designed with the specific requirements of pharmaceutical industries. Skill sets have been drawn up to fit the industry requirements. There are few areas which make the program more in demand, including a strong knowledge of pharmacology, intellectual property, how pharmaceutical organisations should operate to cater to international markets. Maximum emphasis has been given to market research as a result, it will help the organisation to understand the market properly and help to take right strategic decisions. This will lead to development of strong competitive advantage in the market, and as this industry is always concentrating on new product development and modification, it is a distinct advantage. Similarly, to assess market breadth, it is very important to know market economics, investment patterns and develop the right managerial skills. Thus, this course will help the students develop the skills which are required by the industry in the current context.
Prospective professional career dimensions:
It is well known that the government is encouraging pharmaceutical industries for foreign direct investment and the number of manufacturing units are introducing new drugs/pharmaceutical products regularly. In terms of job prospects pharmaceutical companies offer several opportunities related to development of molecules, apart from marketing.
Pharmaceutical companies are looking at different skill sets compared to other industries since the marketing of pharmaceutical products is quite different from that of other industries and relies on conceptual marketing. This industry also has some specific requirements, such as more preferences given to pharmacy, science, bio-science and a recent trend is that of most of the companies are preferring candidates who possess specific skills of selling of pharmaceutical products. In a study (Business Line in 2017), it was projected that an additional 54000 job will created by the pharmaceutical industry by 2025. Thus, in terms of job prospects, it is very large in comparison to any other sector. Not only that there are more than a thousand companies operating outside India, and students graduating from this course with specialised knowledge about both domestic and global pharmaceutical operations are likely to be preferred. A few of the areas where MBA in Pharmaceutical Management candidates are required are mentioned below.
- Sales Manager and Marketing Manager
- Market Research Analyst of pharmaceutical companies.
- Customer Relationship Manager in reputed pharmaceutical companies
- Logistics managers of pharmaceutical and other allied products
- Leadership in Product management department
- Opportunities as an export/ import managers
- Quality assurance manager.
- Pharmaceutical Purchase managers and few others area.
Reference:
- https://www.ibef.org/industry/pharmaceuticalceutical-india.aspx. retrieve from Google on 04.20
- Consolidated FDI Policy, Department for Promotion of Industry and Internal Trade (DPIIT), Press Information Bureau (PIB), Media Reports, Pharmaceuticals Export Promotion Council, AIOCD-AWACS, IQVIA, *Top 10 companies as per research by HDFC Securities
- Pharmaceutical sector to create 58,000 more jobs by 2025, feel experts, The Hindu Business Line 28 February 2017.
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