Changing with the times
Once upon a time in a small forest, there lived a big strong tree and a blade of grass. Though they were neighbours, they were not the best of friends and the tree always boasted of its strength to the grass, which fluttered with every small breeze. And so stood the mighty tree undeterred by many winds. Alas, one day a storm hits the forest and the blade of grass being light, quivers. But the tree being huge, could not budge and the storm uproots it. The moral of this story is that it is better to be flexible than strong and uncompromising. The same goes with global pharma majors, which are now realising this principle of growth—adapting to changing conditions in their surrounding environment.
Flexibility is of utmost importance to pharma MNCs who are making India their second home. Being no more a virgin market like it was when it started, Indian market is no cake walk to the global pharma majors. Be it the competition from the steadily growing domestic market or the low price points, MNCs are very much in a fix. Adding to the woes, there is the Drug Price Control Order on the anvil, making survival in India a tough task. In spite of all these issues, these MNCs are choosing to fight back instead of retreating; proving the potential that India offers as a market. This issue’s coverstory talks about the India specific activities of the global pharma majors.
Talking of change, pharmaceuticals are also donning the biotechnology mask to cure complications, which are presently not under the purview of conventional medicine. A lot of Indian companies have woken to this speciality and quite a few are investing heavily in biotech R&D. But that’s not where it stops. There is a lot of innovation happening in this field in India, which is attracting global investments. This issue’s Market cover talks of the future of biotechnology in India.
As the industry grows, the need for people too grows. The demand supply gap has made human resources a scarce commodity in the pharma industry. To tackle this issue, many pharmacos are reinventing their salary structures to lure and retain employees. The Pharmalife cover explores remmuneration and appraisal systems of different companies.