This research paper aims to comprehensively evaluate the expansion of the Indian pharmaceutical industry subsequent to alteration of patent laws. Prior to the modification in patent laws, Indian pharmaceutical companies had established a reputation for providing the most cost-effective generic drugs on a global scale. However, the implementation of product patent laws on January 1st, 2005, eliminated this advantageous position. Consequently, it has become imperative for the industry to adapt and explore new avenues for growth. The primary objective of this study is to forecast the future trajectory of the Indian pharmaceutical industry. To achieve this objective, this paper adopts a multi-faceted research approach encompassing extensive literature reviews, statistical analysis of industry data, the findings of this study contribute to the existing body of knowledge by shedding light on the strategies employed by Indian pharmaceutical companies in response to the altered patent landscape. Additionally, this research explores the potential opportunities and challenges that lie ahead for the Indian pharmaceutical industry. The research findings indicate that although the change in patent laws initially posed significant challenges to the Indian pharmaceutical industry, it also stimulated innovation and investment in research and development (R&D) activities. Furthermore, the emergence of domestic demand for pharmaceutical products and the growing healthcare infrastructure in India offer new growth avenues for the industry. The analysis also reveals several key factors that will shape the future of the Indian pharmaceutical industry. In conclusion, this research paper presents a comprehensive evaluation of the expansion of the Indian pharmaceutical industry in the context of economic liberalization and patent law modifications. By examining the strategies employed by Indian pharmaceutical companies and forecasting the future trajectory of the industry, this study provides valuable insights for stakeholders in the Indian pharmaceutical sector. Ultimately, this research aims to inform decision-making processes and contribute to the overall understanding of the evolving dynamics of the Indian pharmaceutical industry in a global context.
Author(s) Details:Rupesh Rastogi,
Department of Business Administration, Azad Institute of Engineering & Technology, Lucknow, Uttar Pradesh, India.
Teg Alam,
Management Department, College of Business Administration, Al Kharj University, Al Kharj, KSA.
Said Malki,
Management Department, College of Business Administration, Al Kharj University, Al Kharj, KSA.
Please see the link here: https://stm.bookpi.org/NAPR-V5/article/view/11050
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