Medicine & Pharmacy
The medical pharmacy market research reports depict the direct impact on the pharmaceutical industry by the research conducted with prescriptions medications, vaccines, and OTC drugs that are made based on the findings from the study of life science. Clinical trials are done for ensuring that products manufactured are being tested to know how well they will act upon the individuals affected by diseases or conditions they are made to treat. The pharmacy industry analysis helps the investors and analysts to gather reliable information and direction on pharmaceuticals, anesthesia, drug delivery, pricing, regulation, and policies. The healthcare sector has seen a rampant change in the past several years. There has been an increase in demand for quality healthcare solutions, and the pharmaceutical industry is evolving continuously in the past few decades. High-quality drugs and treatment methods have become the catalyst for pushing various other markets that are operating in this sector. The pharmacy market report highlights all the vital information related to the manufacturing of pharmaceuticals, distribution, and marketing activities. The pharmacy industry report also depicts about the widespread scientific advancements which have given the pharmaceutical companies a path to discover superior treatments and various other medical procedures. Since the global population is on the rise, the number of people demanding better healthcare facilities has increased significantly as well. This has become a vital driving factor of every sector that is working under or with the pharmacy industry. Many companies are also improving their distribution channels and quality aspects. Even though there are positive driving factors, there are many hindrances for the pharmacy and healthcare industry. The long-pending clinical trials, strict regulatory processes, and high cost of treatment are some things that are impairing the growth of the industry. But it is expected that the pharmaceutical industry shall overcome these challenges and have a positive comeback. India is one of the largest supplier of generic drugs to the world. The pharmaceutical industry of India supplies over 50 percent of global demand for different vaccines, 40 percent generic demand of the US, and 25 percent demand of the UK. It holds an important position in the global pharmaceutical sector. The country has a large group of scientists and engineers who are having the capability of taking the industry ahead to higher levels. The pharmaceutical industry valued around $33 billion back in 2017. The industry is expected to grow at a CAGR of 22.4 percent in the duration of 2015-2020 and reach $55 billion. The penetration of the internet has also given a boost to the e-pharmacy or online pharmacy sector. It allows the patients to buy medications online without visiting any physical pharmacy store. The medicines are shipped to the address of the buyer via post or courier. It has made the life of those people convenient who found it difficult to travel to medical shops for health reasons or did not get the time due to their work. In 2018, the e-pharmacy sector valued around $42.32 billion and is expected to generate around $107.53 billion by 2025.