Author: RAJNISH KUMAR.
Outsourcing is a process in which a company makes an agreement to perform its work to another company. India is poised to become the world’s largest outsourcing centre.
Multinational companies and other companies reduce variable and fixed overheads, which gives them a lot of profit. Due to outsourcing, India is making its dominance in the world. India has taken the lead in outsourcing across all industries. India has established itself as an outsourcing hub by making other countries a platform and adopting foreign policies. The IT sector in India is the frontiers of accounting and finance industry outsourcing which plays a vital role in this.
The primary reason for outsourcing is to keep the business running and reduce costs and other overheads. The Rate of payroll in India is less than in other countries like Canada, America and Australia. They obtain skill and labour at low cost so, India is the primary reason in outsourcing. Many multinational companies outsource their work to India so that they can focus on core and take important decisions that help the company grow. Because in large scale business, it has to perform so many activities such as buying, selling, production, advertising etc. So it is difficult to manage and bring specialisation in all these functions.
Therefore outside agencies are hired for non-core activities, which are specialised in these activities.
Many factors are responsible to growth of outsourcing are-:
Importance of outsourcing is following-:
HOW RISE THE MEDICAL COMPANIES IN INDIA
Indian pharmaceutical companies have very important role in providing medicines globally. India has the largest USFDA approved plants in the world. Due to which India provides good quality medicines at low prices. India supplies generic medicines on a large scale, which is 20% of the global. India manufactures more than 60,000 different generic medicines brands in 60 therapeutic categories. Indian pharmaceutical companies alone fulfil 62% of the vaccine demand across the world. India provided relief by giving Hydroxychloroquine (HCQ) to more than 120 countries, paracetamol for 20 countries and vaccines about 96 countries during COVID-19 pandemic.
South Africa, United States of America, United Kingdom, Russia and Nigeria are the big importers of Indian drug. Indian pharmaceuticals exported around US $25 billion in 2022 while it exported US $24 billion in 2021. India’s domestic pharmaceuticals have been recorded at $42 billion in 2021 while the project is likely to reach $120 billion by 2030.
The recent market of Indian pharmaceuticals industry is about USD 50 billion. That is why India is the 3rd largest producing medicine in the world and 14th by value. Therefore, there is nothing surprising in called India the “pharmacy of the world”.
The success story of India’s pharmaceuticals is the manufacturing excellence, infrastructure and trained human innovation behind them. It is now quite clear that Indian pharmaceuticals sector is much more successful than before. At present, about 5.5 lakh people are working in the pharmaceutical sector in India. There are about 12,000 pharmaceutical companies in India. Out of this about 3,000 is of the largest drug companies. Generic drugs deliver their performance and quality in comparable to the big brands. However, their prices are always less than the big brands. The performance of generic drugs is also very good. Due to this, India has become the third largest producer of drugs in the world today.
In 1969, Indian pharmaceuticals had only 5% share in the overall market and the global share was 95%. But by 2020, it is reversed, now Indian pharmaceutical companies share 85% of the market and globally 15%. India has emerged as a global hub of pharmaceutical manufacturing which is witnessing steady growth. Indian pharmaceuticals currently have a lot of opportunities, due to which it can play a huge role in the field of drug globally.
Despite this, Indian pharmaceuticals are still facing numerous challenges such as research and development category, funding issues and raw material for drugs etc. So that India can became the largest pharmaceutical producer company in the world.
India provides its generic medicines in more than 200 countries. Today 8 out of 20 global companies are from India. The medical device industry in India is expected to reach $50 billion by 2025. India ranks 4th in the medical devices market across Asia. India ranks 12th in the world in exporting medical goods.
Today’s the Indian pharmaceutical industry has became almost comparable to IT sector. Pharmaceuticals sector and IT sector both together perform very well in India. It does with low prices and high quality manpower. The small pharmaceutical company also produces drugs at very low prices. India exports a significant amount of manufactured drugs to the United States. USA is a huge market for the pharmaceutical sector of India. So, this is another reason, India is quite successful in the field of pharmaceuticals.
Indian pharmaceutical globally the largest supplier of generic drugs. Indian Pharmaceuticals Company has achieved a great success in the field of medicine. India is the largest and lowest cost vaccine supplier country in the whole world. Indian medicines are being referred all over the world due to low price and high quality, due to which
today’s India is called “pharmacy of the world” Now the entire focus, is on high quality control in the pharmaceutical industry. Indian pharmaceutical industry has been very successful in savings lives of people in our country and all over the world. But, now we should pay more attention to the quality of medicines and its policies.
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