Challenging Role of Indian Pharmaceutical Industry in Global Market:The Way Ahead

Abstract

This paper examines the challenges of competition and opportunities being faced by the Indian pharmaceutical industry in the present competitive global market. The major challenges are the new Patent Law that came into existence from 1st January 2005, insufficient investment in research and development, low FDI inflow in the pharma sector, tough market competition from leading multinational companies' front, etc. In spite of these various types of challenges the industry is contributing well in terms of total volume of production, export and international market share. The major three components of pharmaceutical products are herbal products, formulation drugs, and bulk drugs, including fine chemicals. It also intends to highlight the role to be played by a Cost and Management Accountant in facing the present day's challenges by the industry.