Pharma companies in India have seen a tremendous pace in terms of industry growth. One can check the success rate of Indian companies in the global pharma market. As per reports, the Indian pharma industry has seen around 15% growth. And the growth continues to be on the higher side. Experts believe that with this constant spurge India may rank among the 5 pharma markets globally by 2030.
However, the only downside is the struggle for existence for these companies. Due to the relaxation of knowledge transfer and open patents, many players are facing fierce competition. These collisions among the players lead to market disruption. The consumer is often confused as to which brand, they should follow. They question the formulas offered by the small pharma companies. Reports also show that for the same formulation, brands are charging much higher than the newcomers.
So, why is this disparity? And how can one find the best solution for the mass? Do you need to purchase medicines from a top pharma company in India? Or any newcomer with a cost-effective solution and a similar formulation will do the trick? There are so many burning questions and finding the right answer can be tiresome.
Top companies vs. Newcomers – the daily struggle
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Last month, I found a cough syrup on the shelf of a retail store. I was having a severe cough and wanted to take the medication. As usual, I opted for the most common cough syrup brand but the shop owner vouched for the new brand from the shelf. On a normal day, I would have refused and taken the brand known to me. But that day, I had time. So, I asked for both packs. I checked the ingredients and other necessary information.
To my astonishment, the ingredients were almost the same but the price was about 1/3rd less than the branded ones. So, I raise this question, what should I look for when I buy pharmaceutical drugs or medicines? Any pharma company would want their product to be displayed and sold, but at what cost?
Some newcomers are not getting the shelf display even with their good products. On the other hand, brands are paying huge margins to the owners to display their brands. They are also offering hoardings and posters, and banners for the shop. Now, this is a cost to the company. And that is borne by the regular consumers by paying extra for the branded products. So, what should we look out for when going to purchase medicines?
What to look for when purchasing any medicine?
There are several factors and parameters that one may find essential. But most time, you will need to analyze the following three parameters:
- Formulation
- Cost
- Brand
The formulation is necessary to understand if the ingredients are effective in curing the condition. Now most of the time, we don’t pay attention to this as doctors prescribe the medicines. But household medications like cough syrup, eye drops, antiseptic creams, etc. can be easily judged. You can just note down the composition and the ingredients of the current medication. At the pharma company store, ask for alternative products to the brand and match the composition.
The next parameter is the cost which plays a vital role in decision making. If the composition is more than 90% similar and the cost is less, you will get similar results as compared to other brands.
Finally, research the newcomer brand. Check for their facility, infrastructure, product specialization, and market presence. Don’t buy the product even if the other two parameters are satisfied. You need to know if the company has good distribution and product availability.
So, you don’t need medicines from a top pharma company in India but a company that provides you with the best medication at an affordable price will be effective.
