Delivering the Right Power An Overview of Cable Solutions for the Pharmaceutical Industry
The pharmaceutical industry has shown great prowess. In order for companies to flourish, all aspects of this process industry need to be enhanced. One of the easiest ways to ensure the best functioning of a pharmaceutical plant is through cabling solutions that ensure safety and cost effectiveness. Here’s an overview of the types of cables are best suited for challenging environments and processes.
India is among the top five emerging pharmaceutical markets and has grown at an estimated compound annual growth rate (CAGR) of 13 per cent during the period FY 2009–2013. The pharmaceutical industry in India is the third largest in the world in terms of volume and has evolved as one of the most advanced market in terms of its manufacturing facilities. The measures announced in the Union Budget for 2014-15 by Union Minister for Finance, Government of India, Arun Jaitley is expected to propel the growth of the Indian pharmaceutical sector.
Characterized by low costs of production, availability of scientific manpower and technological competence, the pharmaceutical industry is estimated to grow in the region of 10–13 per cent (CAGR) until 2020. The recent hike in the foreign direct investment (FDI) limit to 49 per cent will encourage more foreign investment into the sector and give the desired push to the pharmaceutical industry. The industry today can boast of producing the entire range of pharmaceutical formulations, i.e., medicines ready for consumption by patients and about 350 bulk drugs. The industry spends approximately 18 per cent of the revenue on research and development. The Department of Pharmaceuticals has prepared a ‘Pharmaceutical Vision 2020’ document for making India one of the leading destinations for end-to-end drug discovery and innovation.
Pharmaceutical industry: A Success Story in BRICS Countries
In the recent times, the pharmaceutical industry in India has gained high interest globally owing to new opportunities in the market. The states of Gujarat, Maharashtra, AP, and Himachal Pradesh are predominant industry cluster areas for the pharmaceutical sector.
The pharmaceutical industry is one of the success stories of Indian manufacturing sector. India has more than 800 pharmaceutical machine manufacturers supporting more than 20,000 pharmaceutical companies with their cost effective solutions.
Important Trends in Cables for Pharma Applications
Trends that have helped create a favorable environment for the growth of Indian pharmaceutical industry are:
- Higher disposable income of middle class: the middle class population is rapidly acquiring the purchasing power necessary to afford quality western medicine
- Increase in insurance coverage
- Growth in chronic/acute disease segment
- Increasing awareness of personal health and hygiene due to better awareness programs
- Boost to the medical infrastructure
- Intense competition in the market from global and small pharmaceutical manufacturers owing to positive Government initiatives
- Highest growth drivers are life style drugs (cardiovascular, anti diabetes and neurology)
- Introduction of generic drugs to reduce cost by many countries will stand to benefit many pharmaceutical industrial players
- Niche drugs for the developed market will be another key growth driver
As per a recent pharmaceutical report by Bain & Company, India’s pharmaceutical capabilities are strong and growing fast. It also states that the involvement of global pharmaceutical companies as partners will speed the emergence of big Indian pharmaceutical companies in global markets.