There are various facts and numbers available on the charts to sing laurels about the growth of Indian Pharmaceutical industry but what remains as the eye catcher for students of our fraternity is its paying ability. Being a sector which has huge profit margins and is always recession proof, the pharmaceutical industry shouldn't be neglected by those who wish to grow fast in the healthcare industry. As a matter of fact this sector grows even stronger each time the rupee falls as the exports form a major section of operation for the Indian pharmaceutical industry.
Facts and figures (Courtesy CCI report- March 2013)
The Indian pharmaceutical industry is expected to grow at 13% in 2013. India is now among the top five emerging pharmaceutical markets. There will be new drug launches, new drug fillings and Phase two clinical trials throughout the year. On back of increasing sales of generic medicines, continued growth in chronic therapies and a greater preparation in rural market, the domestic pharmaceutical market is expected to register a strong double digit growth of 13-14% in 2013.
Moreover, the increasing population of higher income group in the country will open a potential US$ 8 billion for multinational companies selling costly drugs by 2015. Besides the domestic pharma market is estimated to touch US$ 20 billion by 2015, making India a lucrative destination for clinical trials for global giants.
Advantage MBA HHM
The pharmaceutical industry is growing at a rapid rate in India and hence it is a very important component of the healthcare industry. In our curriculum special focus is being given to pharmaceutical industry with a subject of “overview of Pharmaceutical industry” in the second semester. With subjects like Principles & Practices of Management and Strategic Management our students are able to find a place in brand management and product management team in various pharma companies. On one hand subjects like Materials Management helps to acquire positions in Supply chain management team and on the other hand subjects like Health Regulatory Environment helps us fit in the IPR and Drug regulations team, opening doors for students in various departments. Sales being the crux of the pharma industry which reflects the outcomes of all departments, subject like Research methodology helps in analysing sales figures which helps us to excel in the department of sales as well. One advantage which the large number of doctors passing out from our college have is that they are looked upon for the Medical Education and Training department by the pharma companies which requires training the first line sales executives about the product and diseases which are discussed with the clients.
Pulling up socks
Since the heart and soul of the Indian Pharmaceutical industry lies in marketing their products, the main focus is sales! Branding & Marketing is the golden door to a high earning corporate lifestyle but the first step towards it shall and always remain to be sales. Having experience in sales in the healthcare industry will help you reach that high paying designation with ease.
So, students in first year who decide to do their internship in sales in a pharma company will be taking that first step towards polishing themselves to be picked up for the Product Management team. As for students of the second year who didn't quite consider this while taking a decision for their internships the way forward lies in taking up an initial job in sales to start with. The taboo associated with the sales job makes it less lucrative but with high confidence I can say if it’s pharma it’s an up-hill task which is definitely high earning, both in terms of self esteem and monetary benefit.
Once having sufficient experience of sales in your bag, the journey is extremely exciting and rewarding. The combination of your sales experience coupled with the knowledge of above mentioned subjects will take you to places and how!
Facts and figures (Courtesy CCI report- March 2013)
The Indian pharmaceutical industry is expected to grow at 13% in 2013. India is now among the top five emerging pharmaceutical markets. There will be new drug launches, new drug fillings and Phase two clinical trials throughout the year. On back of increasing sales of generic medicines, continued growth in chronic therapies and a greater preparation in rural market, the domestic pharmaceutical market is expected to register a strong double digit growth of 13-14% in 2013.
Moreover, the increasing population of higher income group in the country will open a potential US$ 8 billion for multinational companies selling costly drugs by 2015. Besides the domestic pharma market is estimated to touch US$ 20 billion by 2015, making India a lucrative destination for clinical trials for global giants.
Advantage MBA HHM
The pharmaceutical industry is growing at a rapid rate in India and hence it is a very important component of the healthcare industry. In our curriculum special focus is being given to pharmaceutical industry with a subject of “overview of Pharmaceutical industry” in the second semester. With subjects like Principles & Practices of Management and Strategic Management our students are able to find a place in brand management and product management team in various pharma companies. On one hand subjects like Materials Management helps to acquire positions in Supply chain management team and on the other hand subjects like Health Regulatory Environment helps us fit in the IPR and Drug regulations team, opening doors for students in various departments. Sales being the crux of the pharma industry which reflects the outcomes of all departments, subject like Research methodology helps in analysing sales figures which helps us to excel in the department of sales as well. One advantage which the large number of doctors passing out from our college have is that they are looked upon for the Medical Education and Training department by the pharma companies which requires training the first line sales executives about the product and diseases which are discussed with the clients.
Pulling up socks
Since the heart and soul of the Indian Pharmaceutical industry lies in marketing their products, the main focus is sales! Branding & Marketing is the golden door to a high earning corporate lifestyle but the first step towards it shall and always remain to be sales. Having experience in sales in the healthcare industry will help you reach that high paying designation with ease.
So, students in first year who decide to do their internship in sales in a pharma company will be taking that first step towards polishing themselves to be picked up for the Product Management team. As for students of the second year who didn't quite consider this while taking a decision for their internships the way forward lies in taking up an initial job in sales to start with. The taboo associated with the sales job makes it less lucrative but with high confidence I can say if it’s pharma it’s an up-hill task which is definitely high earning, both in terms of self esteem and monetary benefit.
Once having sufficient experience of sales in your bag, the journey is extremely exciting and rewarding. The combination of your sales experience coupled with the knowledge of above mentioned subjects will take you to places and how!
Afsheen J Irani
MBA Batch 2012-2014
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