The quality policy is a document developed by the respective management to express the directive on the top management with respect to quality. In one-word, quality policy management is a strategic vertical created in the quality management and approach system.
Coming to the health, pharma and medical industry, interlinking the vast sector with the quality policy will witness better results and helps for the more income to generate, says business Astrologer and Astro strategist Hirav Shah
The medical, pharma and health industry in India
Being the vast and major source of revenue-generating industry, Indian pharmaceutical sector supplies over almost half of the global demand for various vaccines. Reportedly, pharmaceutical supply from India fulfills 40% of generic demand in the US and 25% of various medications in the UK.
India has a large set of scientists and researchers who are continuously working on different departments in the pharmaceutical sector due to which India emerged as a prominent base for the medical and pharma industry.
Indian pharmaceutical industry is supplying over 80% of the antiretroviral drugs to various countries to combat Acquired Immune Deficiency Syndrome ( AIDS)
An estimated market of pharma, health in India
As per a recent study, by 2025, the Indian pharmaceutical sector is expected to generate approximately 100 billion dollars and the medical device market to touch 25 billion dollars.
The total pharmaceuticals exports from India in various divisions like herbal products, biological, drug formulations, bulk drugs intermediates and surgical is close to 16 billion dollars in 2020.
Biotechnology industry consisting of bio pharmaceuticals, bio-services, bio-agriculture, bio-industry and bioinformatics is rapidly growing in our country and is expected to touch the 100 billion dollars market by 2025.
The domestic pharmaceutical business in India saw a significant growth of ₹1.4 crores in 2019 from ₹1.29 crore in 2018.
Recent investments and developments for pharma Industry in India
The drugs and pharmaceuticals industry collectively attracted cumulative FDI inflow worth of approximately 17 billion dollars in the past two decades, says a report released by Department for Promotion of industry and Internal Trade.
In 2020, the Indian Institute of Technology in Bombay established a research and development unit on products such as portable sterilization devices, wheeled sterilisation units, a germicidal cabinet for hospital usage, eco-friendly sprays, alcohol-free and bleach-free sanitisers.
In the same year, leading pharmaceutical companies like Dr Reddy’s Laboratories, Zydus Cadila, Glenmark Pharmaceuticals, Torrent Pharmaceuticals, Hetero Drugs and Ackerman Pharma signed a deal with Mexican country to launch the largest cluster for production and logistics in Mexico.
Indian pharmaceutical industry’s export to the US will grow significantly in the coming years with the resolutions taken by the Union Cabinet on allowing FDI up to 100% under the automatic route for manufacturing of medical devices under given circumstances.
Medicine spending in India is projected to grow up to 15% in the next couple of years, making the country one of topmost in medicine spending.
Growth in the domestic sales also reflects the standards of local companies and they approach towards chronic therapies of diseases like anti-diabetes, anti-cancers and cardiovascular among others.
Considering the positive market atmosphere for the health, pharma and medical industry introducing the quality policy in various divisions in the field will be helpful to acquire accurate results. But before the launch of quality policy technology in the three-phase interlinked health, pharma and medical sector, consulting an Astro strategist which will be helpful as on where the investments should be done, concludes Hirav Shah