Pharmaceutical Industry Challenges To Solve In 2021
The pharmaceutical manufacturing industry in India is an emerging market with great potential. Indian Pharmaceutical Industry has a huge potential for growth. This is the primary reason behind the large-scale investments in this sector. However, India faces some important challenges to solve in the next ten years. To understand these challenges and its possible solutions, we need to understand the current scenario of this industry.
India is catching up with the developed world. It is one of the fastest developing economy in the world. It has a number of young scientists and capable doctors who are looking for new breakthroughs in life science. So far, India has not been able to produce on-time drugs or completed drugs.
The challenges to solve in 2021 can be categorized into two areas. One is the remaining gap in the commercialization cycle i.e. period till the domestic market has absorbed all the new drugs and the second is the shortage of skilled manpower needed in the field. The current scenario does not allow for significant infrastructural development. The only option available to make more drugs is to use novel approaches.
So far, there has been no such initiative. Hence, there is a critical need for effective research facilities and technology transfer. A combination of small, scale and high-tech manufacturing facilities plus effective management is required for this. This will certainly help to develop new products that will replace existing drugs.
Another challenge to solve in 2021 is the lack of good managers in the department who have the necessary expertise. Pharmaceutical companies lack the right people to manage the entire process. Hence, a series of changes is required at the top level to manage the entire process. Ideally, there should be a designated person in the company who can handle these changes effectively.
Another challenge to solve in the long run is the inability to address the changing social norms associated with the drug’s development. There are many issues arising due to changing attitudes to drugs in society. In the developed world, there is a general concern for public health, whereas in less economically developed countries, the issue of disease prevention is considered a norm rather than a problem.
It is imperative for drug discovery to address these issues. Only then can the benefits derived from the lab experiments to be felt in the real world. This requires the cooperation of everyone involved in the chain of production. There are certain bottlenecks in the system that can be removed if more effort is focused on organizational development. It also requires training and education of the employees. Hence, collaboration across departments helps solve some of the hurdles.
One of the most important challenges to solve in the future is the oversupply of drugs in developing countries. This will have a grave impact on public health as well as health budgets. If nothing is done, there will be catastrophic health consequences. In addition, the lack of access to effective treatment will lead to a fatal shortage of effective medicines in the future. This can lead to more deaths in the developing world, if not curbed now.
Another challenge to solve in the field of drug discovery is contamination of supplies by foreign drugs. This happens most often with vaccines. Once bacteria enter the country, it can spread through the entire supply chain. If major pharmaceutical companies are not ready to address this problem now, they will find it very difficult to maintain adequate supplies in the near future.
Another challenge to solve in the field of drug’s development is the increasing costs of processing drugs. The introduction of molecular entities has drastically increased the cost of development. Hence, even if companies develop a molecule that is cost-effective, it may not be able to reach the market at a reasonable price due to market restrictions. Efforts are being made to reduce the burden on the industry by designing better production processes and improving the manufacturing infrastructure.
A final challenge to solve in the field of drug’s development is the increasing government regulation. Pharmaceutical companies are constantly fighting the FDA regulations by trying to get approval for new drugs before they are introduced into the market. If successful, these companies may be able to keep their costs down, but if they fail, they will have to consider new routes to achieve approval.
Some other challenges to solve in the pharmaceutical industry include loss of research talent and investment. As pharmaceutical and bio-tech companies continue to expand and hire more staff, they will also need to expand their research and development facilities. Hence, as long as these factors stay unchanged, there will be no increase in the number of new drugs in the market. However, if the number of drugs produced each year increases, the industry will need to adapt to the increase in demand, which could result in greater profitability.
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