With the growing amount of workload & competition, there is a huge amount of diseases increasing day by day; as a result, many Global Pharma companies are continuously striving for new research avenues. As per the recent reports published by IFPMA (2017), there is 90% rise in the diseases as compared to the previous decade. It is also expected the Pharma industry might reach a turnover of about $1.17 Trillion by 2022, hence garnering tremendous work opportunities globally. On the other hand, India is ranked 3rd in Global Pharma Index which denotes there is a huge demand for Pharma Professionals.
Despite India being one of the largest exporters of Pharma Generic Drugs, there is a huge shortage of quality Pharma professional. In recent times, the young students are now considering Pharma as a serious career avenue, the top Pharma giants like GlaxoSmith, Sun Pharma, etc. are recruiting the new college pass out & paying them with hefty salaries. According to the various top most educational advisors, there is 40% rise in the application of Pharmaceuticals graduate. There are 5 major trends in Pharma that you need to look out for in 2018:
1) Rising healthcare Cost:
One of the major reasons that constitute increased ‘Pharma’ value is a rising medicine cost. Majority of the economist believes there is a limited amount of land in the world & there are certain diseases that have limited solutions.There is a dramatic increase has pressurized the state government to put certain norms & restriction on drug usage.Hence, this certain people needs to look at.
2) Competition invokes Innovation:
In recent years, there seen a huge competition on several global Pharma companies. These giants are actually looking out for innovation, to outnumber the competition from their rivals. The companies now need innovative research people for the same. Lately, the Pharma is undergoing an innovative change.
3) An era of Collaboration:
The top strategist believes that carrying & executing certain research is not one’s/single man job. Hence, even big Pharma global giants are also collaborating with a small local organization for certain research work. Thus, this field which definitely needs one need to look at.
4) Pharma is a hit in Emerging Markets:
In emerging markets like BRICS, the resource for Pharma research is a bit cheaper as compared to developed countries. Land & labour is relatively 4 to 5 times much less expensive, than developed economies. The economy is moving fast, while the big Pharma companies are now looking for the takeover. According to a certain economist, Asia will account for 65% sales of total global sales of global pharmaceutical companies.
5) Global Approach to Drug Pricing & Reimbursement:
It is one of the crucial things for the pharmaceutical companies, is to appoint a local head to understand the costing of certain drugs & needs to appoint several legal experts for the same. Drug pricing should be different for different companies; hence they need to appoint a Legal Head.
The above-mentioned core points showcase that, Why Pharma is right now in a current trend & why the students needs to actually look at Pharma as a long-lasting career.