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How pharma industry generates entrepreneurship opportunities Dr D Sreedhar, Associate Professor Senior Scale, Department of Pharmacy Management, Manipal College of Pharmaceutical Sciences, Manipal Academy of Higher Education, points out that there are several entrepreneurial opportunities closely associated with the pharma industry and urges budding entrepreneurs to explore and leverage the huge growth potential in this sector
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or therapeutic product that is produced and delivered to the market is the result of an intellectual curiosity that necessitates a proof of concept and takes years. The pharma and wellness industries have had a huge impact on Indian society. Moreover, entrepreneurial activity is becoming a key factor of growth and development in every country. According to statistics from the Union Ministry of Health and Family Welfare, there were times when the life expectancy rate was abysmal, at 42 years. The progressive advancements in the medical sector, on the other hand, have aided in the expansion of India's life expectancy rate. This was possible due to the advances in the field of pharmacy and healthcare.
enkataraman S describes entrepreneurship as a scholarly discipline and defines it as, “seeking to understand how possibilities to bring into existence future goods and services are identified, developed, and exploited, by whom, and with what repercussions."1 Pharma industry has offered a plethora of entrepreneurial opportunities. Many have explored the opportunities to become successful entrepreneurs. Entrepreneurship, or having an entrepreneurial spirit, is crucial in today's economic climate for generating innovation and establishing a prosperous society.1,2 The pharma sector and biomedical research rely heavily on innovation. Every medical
The Indian pharma sector is rapidly adopting new technologies and medical procedures. Because the pharma industry is still in its growth phase with fewer companies in the market today. By amending FDI restrictions (for the pharma business), the government has made it plain that it wants entrepreneurial excursions into the sector to help it grow. Entrepreneurs should take advantage of this opportunity and start looking into the pharma industry. The industry has a wide range of applications, making it an appealing prospect for private investors. The drug manufacturing firms that can manufacture quality medicines, the dearth of medicinal products, especially with
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30 EXPRESS PHARMA April 2022
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