“PROBLEMS FACED BY THE INDIAN PHARMACEUTICAL INDUSTRY IN THE POST GLOBALIZATION SCENARIO”

Abstract

The Indian Pharmaceutical Industry today is in the front rank of India’s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. The adoption of the policy of globalization, liberalization and privatization has brought about a sea change in the pharma sector marketing. Several pharma MNCs of foreign origin have entered in Indian market with latest technology and the marketing practices, which has forced the domestic pharma companies to upgrade their technology and follow the competitive marketing practices. Currently the pharma marketing poses several challenges such as frequent changes in the government policy, pricing of pharma products, problems of the doctor community getting very little time to get themselves updated because of the flow of patients and MRs having more calls to put through because the number of doctors has also considerably increased. The patients are well informed and are curious to seek clarification from their physicians and draw on the physician’s time. Positive change in the attitude of the rural masses to buy branded medicines. The Government of India is encouraging the use of generic medicines and alternative therapies such as Ayurvedic medicines, Homeopathy and Unani medicines. New style of personalized medicines is gathering momentum. This paper has brought out the problems and have offered a few remedial measures to overcome these problems. The Government of India is also very much concerned and has also initiated preventive steps to have minimum health problems to its citizens.