India's pharmaceutical industry, renowned as the "Pharmacy of the World", is a cornerstone of global healthcare. Statista forecasts that revenue from the domestic pharma market is set to reach $13.16 billion in 2024. This growth is driven by factors such as increasing healthcare awareness, rising incomes, expanding healthcare infrastructure, and government initiatives to improve healthcare access. Furthermore, India's pharma market size is projected to reach $450 billion by 2047. As of June's report, the Indian pharma market delivered a healthy revenue growth of 8.8 per cent year-on-year.
As the logistics industry undergoes rapid transformation, driven by modern technologies and innovative solutions, the role of logistics in the pharma sector is becoming increasingly critical. This article explores the emerging trends, persistent challenges, and opportunities shaping the future of pharma logistics.
The growing importance of precision in logistics
Pharma logistics is a multi-layered ecosystem involving numerous stakeholders, including manufacturers, suppliers, distributors, and end-users. Coordinating these stakeholders throughout the process-from preparing the shipment to final delivery-requires precise end-to-end operation. Any disruption can lead to significant financial losses and, more importantly, impact patient safety. A deep understanding of local and regional regulations, along with meticulous planning, is essential.
Technological innovations shaping the future
This story is from the September 2024 edition of Express Pharma.
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This story is from the September 2024 edition of Express Pharma.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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