The hospital segment will increase its share and influence, growing to 25 per cent of the market in 2020.
India's globally recognised and leading healthcare research institutions' of the country, IIHMR, organised a National Seminar on Perspectives in Pharmaceutical Industry: Response of Pharma Education. The event was graced by many Pharmaceutical Industry experts, Principals and Directors of Pharma Colleges of Rajasthan and neighboring states.
The Seminar was conducted by IIHMR University in association with Association of Pharmaceutical Teachers of India (APTI) Rajasthan State Branch and Indian Pharmaceutical Association (IPA) Rajasthan State Branch.
As according to Mc Kinsey report of India Pharma 2015 - Unlocking the Potential of the Indian Pharmaceutical Market, the Pharma industry has immense opportunities and has a projected market growth of $24 billion by 2015 and $55 billion by 2020.
Through discussions by the Pharma Industry experts it was evolved that metro and tier-I markets will make significant contributions to growth, driven by rapid urbanisation and greater economic development.
Rural markets will grow the fastest driven by step-up from current poor levels of penetration. The hospital segment will increase its share and influence, growing to 25 per cent of the market in 2020.
B.P Nagori, Vice President- Central APTI, President IPA, Rajasthan, said, "As per the PwC study, Indian pharma industry is likely to be in the top 10 global markets in value terms by 2020. The overall credit for this development goes to growth factors such as new market creations, growth in the SME sector, enhanced medical infrastructure, pace of innovation in business models, rising consumer incomes and many more."
"However, with these growing trends the industry is facing many challenges such as need for better talent in the industry, rising customer expectations and restricted discovery and developing process. This seminar was conducted to initiate a dialogue between the Pharma Industry and the Academia to bridge the gap and impart relevant knowledge which will be sustainable in the changing conditions," Nagori added further.
S. K. Puri, Advisor, IIHMR University, said, "For academia, it is indeed a challenge to transform the students into management professionals. Looking at the growth of the Pharmaceutical Industry, we, at IIHMR, have availed a special management programme - MBA in Pharmaceuticals Management. Since the inception of this programme we have experienced keen interest of industry recruiters in our students. Our placement partners have also motivated us to generate best of the talents that has been appreciated by various organizations globally as well as nationally."
Dr Nagori also suggested in his conversation that, "Students should be given soft skills training and should be trained for employability. Industries should conduct large scale collaborative projects with the students in research institutions as well. We suggest to the Pharma Academia that students need to be groomed as per their areas of interest at the graduate level."
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