The advancement of medical technology affects every aspect of medicine and healthcare and is playing a key role in transforming science, healthcare and even society.
Pharmacy is the third largest healthcare profession in the world and it has been evolving steadily over the last decade in India. It includes manufacturing of drugs, designing of dosage form, research and development, quality control, and study of its clinical aspects- toxicity, carcinogenicity, teratogenicity, clinical research etc. Some small fields like packaging, labelling, and storage are also included. Advanced fields such as nanotechnology, nutraceuticals and herbal drug industries are dominating the pharma market. Indian Pharmaceutical has achieved a top position in the whole world for its pharmaceutical landscape while meeting domestic demands. India is reported to hold fifth among the global pharma manufacturers and it is the only country with the largest number of Pharma plants. The Indian pharma industry is valued as the 14th largest with its exports contributing to only 3.5 of the total pharmaceutical exports globally.
During this pandemic year, the economy of the whole world is disturbed, but pharmaceutical companies are believed to have positive growth in the stock market. Though the Indian pharma industry is doing very well during this time of pandemic but unfortunately it is heavily import dependent to fulfil its drug requirements. Around 70% of the pharmaceutical requirements are met by Chinese imports of some basic raw materials, particularly the APIs (Active Pharmaceutical Ingredients) – the bulk components to produce finished drug formulations. Generic drugs produced by Indian drug manufacturers are usually used worldwide. If we look at the demand rate, high demand for such drugs has led to shortages at the pharmacy counter. Maya Biotech, the Top Pharmaceutical Manufacturer Company in India also manufactures generic drugs which play a crucial role in the fight against COVID–19 infections. Therefore, this company is working 24 x 7 to provide a continuous supply of these medicines to the consumers.
The drug prices in India are considered the cheapest in the world. But the strict price control policies of the government neither allow the manufacturers to invest in the R&D of new drug formulations nor does it ensure universal accessibility. The whole world is engaged in finding the treatment, currently, no assured option is available for this novel infectious disease. All the pharmaceutical industries are standing at the front to help the government in addressing the COVID-19 unmet needs by their efforts ranging from research and development actions on potential treatment strategies to maintaining balance in the medicines supply chain in the time of crisis. Maya Biotech is the Third Party Pharmaceutical Manufacturer in India and is also doing well in the R&D processes in order to find a vaccine against the coronavirus. The pharmaceutical scientists at Maya Biotech Pvt Ltd possess great knowledge and are able to discover, develop, and manufacture new medications.
The current scenario predicts that the pharmaceutical science in India will be elaborated more and more and will require a greater number of specialists. The traditional manufacturing methods of pharmaceutical products will decline as advanced technologies are being used in this field. Moreover, the future for pharmaceutical science will of course depend on how adaptable the profession can be to meet the required changes.