Pharmacy education in India needs to be at par with global standards if it needs to sustain in 2020 & beyond. Pharmacy Colleges In Hyderabad need to arm students with all required expertise so that they can climb up the career ladder. This can be achieved only if industry and academia align for a better tomorrow. So, what can pharmacy students expect from the future? What are the major skill sets they need to gain expertise to move forward? Read on to know...
Pharma landscape in 2020
India has about 10,500 drug manufacturing units and more than 3,000 pharma companies. India has also become a major destination for generic drug manufacturing in the past few years. Now that product patents have been introduced in India, several MNCs are expected to launch their patented drugs in India too. It is believed that India has an advantage of low drug manufacturing costs about 35-40% less than those in the US. In the last decade, pharmaceutical exports have grown to the compound annual growth rate of 68%.
In 2020, with digital space blowing up in the past few years the use of e-prescribing has brought enormous commercial implications for Pharma industry. India’s largest retail pharmacy chain, Apollo Pharmacies, has recently started offering doctors and patients an e-prescription service.
In 'Pharma Vision 2020', the Government of India stated that it aims to make India a global leader in end-to-end drug manufacturing by the end of 2020. It is believed that the Indian pharma sector will need to hire about 2.15 crore employees by 2020 to fulfil the demand of the global markets which is a good sign for students studying at Best Pharmacy Colleges In Hyderabad. The government is also working on a major multi-billion dollar initiative through a public-private partnership model to make India’s one of the top five pharmaceutical innovation hubs. It has also announced tax-breaks for the pharmaceutical sector and weighted tax deduction at 150% for the R&D expenditure. To promote drugs and pharmaceutical research, the government has announced two major schemes: The new Millennium Indian Technology Leadership Initiative, and the Drugs and Pharmaceuticals Research Programme. With India bracing up toward major innovations in the Pharma industry, students studying at best M Pharmacy Colleges In Hyderabad can focus on R&D to reap benefits from their degree.
Jobs in Pharma for 2020
A career in the pharmaceutical industry looks promising with new job roles in hospitals, nursing homes, government departments, universities, research institutes, and pharmaceutical companies for graduates and postgraduates of Pharmacy Colleges In Hyderabad. Few job roles that look promising are Manufacturing Chemist, Quality Control or Quality Assurance Chemist, Hospital Pharmacist, Community Pharmacists, Government Analyst, Drug Inspector & Research Analyst. Some of the emerging fields in the pharmaceutical sectors include contract research, new drug development and delivery systems, and clinical trials etc. There is a lot of scope for Pharmaceutical Sciences graduates studying at B.Pharmacy Colleges In Hyderabad to look forward to in the Indian pharmaceutical industry which is growing at a rapid rate. More and more hospitals, nursing homes, and pharmaceutical companies are emerging all over India. Naturally, they require trained pharmacists to run the business. If you are interested in starting your own business, the pharmaceutical industry is one of the top choices of entrepreneurs these days. R&D organizations are also in trend these days and research analysts are quite in demand. Drug control administration and armed forces also post vacancies for pharmacists. Food and cosmetic industries, and other health care industries also need pharmacists to assure that their products are safe and effective.
Conclusion:
Dr SD Gupta, Chairman of IIHMR University, during a Pharma Summit said: "58,000 additional job opportunities are likely to be created as the industry is expected to grow up to 45 per cent by 2025. Despite capping of prices, demonetisation and GST implementation, all of which are perceived to impact the pharma sector adversely, this industry will continue to grow and the major growth engines will be domestic sales, exports, an ageing population, health insurance coverage, increase in per capita spending, medical tourism etc.” Students from best M Pharmacy Colleges In Hyderabad can watch out for few job roles which are going to be of most importance in 2020 like jobs in Intellectual Property Rights cell where pharma graduates are required in Law firms and KPOs. A candidate can be hired as a “Patent Analyst” or as an “IP Researcher” or a “Patent Engineer”.
Marketing is another evergreen field that will show massive growth in the coming years in the pharma industry. For students studying in Best MBA Colleges In Hyderabad but want to make a career deviation into the pharma industry can look into Pharmaceutical financial analysts. They are required to evaluate potential investments, develop forecasts and analyze financial data. A bachelor's degree in a field related to finance, business or statistics is often required to enter this field. To meet the rapid changes in the industry, students need to up-skill themselves at a quick pace and understand the importance of digitisation and its impact and prepare themselves. Although the future of Pharmaceuticals in India looks promising, it's up to students to carefully plan their career to suit the needs of current times. So, we wish every student take notes of recent upcoming trends and plan their careers accordingly. Good luck students!
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