India is one of the emerging pharmaceutical markets in India. The last few years have been crucial to the growth of this industry in the country. During the period FY 2009-2013, the pharmaceutical industry in India grew at an annual growth rate of 13%. A major contributor to this has been the medicine exports to other countries. The pharmaceutical industry in India accounts for almost 1.4 per cent of the global market. During the last decade, the country has become more sensitive towards healthcare, as a result of which, the leading pharmaceutical companies have been adding to their revenues.
Some of the major reasons contributing to the growth of this industry in the country include the rising income, awareness for healthcare, upgraded healthcare facilities, insurance support, and government initiatives. In the last few years, the country has witnessed expansion in the size of the pharmaceutical market. The revenues from the local sales and exports have grown considerably, whereas in the future, the revenue is expected to be surged by 14.4 per cent from the revenue generated in the year 2012. As reported by the Executive Director of Pharmaceutical Export Promotion Council of India, a growth of approximately 12 per cent during the year 2014-2015.
With such great expectations positioning the expansion of Indian pharmaceutical industry, the future of those employed in this sector too remains on the brighter side. Those seeking jobs in this sector can continue to expect to explore alluring opportunities.
Some of the jobs you may explore in this industry are detailed below:
These professionals remain desired across pharmaceutical and bio-technology to carry out the research programs. Those having worked in a lab and holding a B.SC or M.SC degree are eligible to apply for the job of a research associate.
This is one of the top-level positions that require a PhD degree or an equivalent qualification. They are involved in designing and conducting experiments. The average annual salary for this position is Rs 581,098 per year.
These are the professionals, who represent a company and its products to the physicians. They maintain contact with the physicians covered within their region and add to the company’s sales figures. To qualify for these jobs, one has to obtain a bachelor’s degree in science. However some companies even consider those, who are yet to complete their graduation, but only the ones who hail from science background. These professionals can expect to earn Rs 242,449 per year.
Those employed as Product Managers in this sector have to manage a team, which is directed towards determining different elements of products, I.e., medicines produced by the company. They work for managing price, distribution, brand image, forecasting, and overall strategy for the drugs produced. They hold extensive knowledge of the market trends and demands, which in turn help them to do their tasks efficiently. A Product Manager in this industry manages to earn more than Rs 6,00,000 per year in India on an average.
Regulatory Affairs Associate
These professionals are responsible for managing all the paperwork and the regulatory affairs. They are in contact with the regulatory agencies and are also involved in any kind of dealings with them such as any sort of issues. They also set regulatory strategies for the companies they are associated to. Their average annual pay package is Rs 244,933.