Managerial Economics Assignment | Pharmaceutical Industry

Added on - 28 May 2020

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Running head: MANAGERIAL ECONOMICSManagerial EconomicsName of the Student:Name of the University:Author’s Note:Course ID:
1MANAGERIAL ECONOMICSTable of Contents1. Industry to be analysed:...............................................................................................................22. Reasons for choosing the Indian pharmaceutical industry:.........................................................23. Method of proceeding with the industrial analysis:.....................................................................4References:......................................................................................................................................7
2MANAGERIAL ECONOMICS1. Industry to be analysed:The industry to be analysed for meeting the purpose of this assignment is the Indianpharmaceutical industry. This industry ranks third in the world in terms of volume, while interms of value, it is ranked 14thin the world. In accordance with the “Department ofPharmaceuticals, Ministry of Chemicals and Fertilisers”, the overall turnover of thepharmaceutical industry of the nation has been $21.09 billion in 2009 (Abrol, Prajapati andSingh 2017). The main pharmaceutical hubs of India include Mumbai, Bangalore, Hyderabadand Ahmedabad and the value of the domestic market was $13.8 billion in 2013.There is strengthening of the government in relation to the progress of manufacturingdrugs on the part of the Indian organisations in the beginning 1960s and with the “Patents Actin 1970. This particular act eliminated patents of composition from drugs and food and despitethe continuation of process patents, the timeframe has been reduced within five to seven years(Ashwin, Krishnan and George 2016).2. Reasons for choosing the Indian pharmaceutical industry:Over the past decade, the Indian pharmaceutical organisations have been going throughtough situation, in which the shareholders, regulators and the market have formed considerablepressures for change within the industry. The main issues for majority of the drug organisationsinclude in-house research and development, raising regulatory and legal concerns, patentexpiration of various major drugs and pricing problems (Banerjee and Thakurta 2015). Due tothis, the bigger pharmaceutical organisations are switching over to new business model havinghigher outsourcing of services, discovery, manufacturing and clinical research.
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