Venkataraman S. describes entrepreneurship as a scientific discipline and defines it as “trying to understand how opportunities to create future goods and services are identified, developed and exploited, by whom and with what impact.” (1) The pharmaceutical industry has offered a wealth of business opportunities. Many have explored the possibilities of becoming successful entrepreneurs. Entrepreneurship or entrepreneurial spirit is critical to generating innovation and building a prosperous society in today’s economic climate.(1,2)
The pharmaceutical sector and biomedical research rely heavily on innovation. Every medical or therapeutic product that is manufactured and brought to market is the result of an intellectual curiosity that requires a proof of concept and takes years. The pharmaceutical and wellness industry has had a tremendous impact on Indian society. In addition, entrepreneurship is becoming a key factor for growth and development in every country. According to statistics from the Union Department of Health and Family, there were times when life expectancy at 42 was miserable. On the other hand, the progressive advances in the medical field have contributed to the extension of life expectancy in India. This was made possible by advances in the fields of pharmacy and healthcare.
The Indian pharmaceutical sector is rapidly adopting new technologies and medical procedures. Because the pharmaceutical industry is still in its growth phase with fewer companies on the market today.
By changing FDI (pharmaceutical) restrictions, the government has made it clear that it wants corporate forays into the sector to help it grow. Entrepreneurs should seize this opportunity and engage with the pharmaceutical industry. The industry has a wide range of applications, which makes it attractive for private investors. The drug manufacturers that can produce high-quality drugs, the shortage of drugs, especially with regard to rare diseases and gaps in the supply chain can be explored by interested parties.
Many entrepreneurs make up the Indian pharmaceutical sector. Suppliers, stockists, distributors, retail pharmacists for example are critical components that keep the healthcare system running. Entrepreneurship in the pharmaceutical industry has evolved over the years and encompasses not only the industry as a whole, but all areas related to it. Two very different sectors of the Indian economy have wrought immense wealth and produced a record number of billionaires over the past decade and a half. The software services business is one of them and has been in the spotlight for a long time. The pharmaceutical and healthcare sectors, on the other hand, are only now getting the attention they deserve.
A few who started their entrepreneurial journey built significant empires and became billionaires. One of them, Dilip Shanghvi, became the richest man in the country. A fifth of India’s 100 wealthiest families now work in the pharmaceutical and healthcare sectors. Some of them, like Shanghvi, have become household names; Ajay Piramal, who sold Piramal Healthcare’s formulation division to Abbott for $3.7 billion in 2010, the Singh brothers of healthcare chain Fortis, who sold Ranbaxy to Daichhi Sankyo (the latter sold it to Shanghvi), the Reddy family of dr Reddy’s Laboratories, Dr. Apollo Hospitals’ Prathap Reddy, Lupin’s Deshbandhu Gupta, Cipla’s YK Hamied, Serum Institute’s Cyrus Poonawala and Biocon’s Kiran Mazumdar-Shaw to name a few.
There are some business opportunities that are closely related to the pharmaceutical industry, to name a few, 24-hour pharmacy, mobile pharmacy, online pharmacy, medical device manufacturing, app developers, natural home remedy services, education and training institutions, publishing houses , counseling services, counseling centers. Each of them has the potential to become a successful company.
The government has recognized the importance of entrepreneurship and has developed programs such as Start-up India and Make in India to encourage people to pursue their dreams. As these programs have also opened the doors to countless opportunities for entrepreneurs, now is a better time than ever to start a business in India and be a successful entrepreneur. Overall, India’s startup ecosystem is thriving, but entrepreneurship remains a major struggle for many creative minds as there are numerous exceptional challenges that cannot be overlooked. While the government has taken some positive steps, there are several challenges that make it difficult for startups to grow quickly.
Overall, the Indian pharmaceutical sector is now thriving due to successful entrepreneurs in India supporting initiatives such as Make in India. They have worked tirelessly, especially during COVID-19, to ensure there are no drug shortages in the market. Every day, the entrepreneurs of this country teach us lessons about perseverance.
Entrepreneurs are wealth generators, and home-made money protects against disasters like a recession. It is time to understand the importance of allowing entrepreneurship to thrive and creating an atmosphere that allows it to do so unhindered.
1. Venkataraman S. The distinctive area of entrepreneurship research: an editor’s perspective. In: Katz J, Brockhaus J, eds. Advances in Entrepreneurship, Firm Formation and Growth. Greenwich CT: JAI Press; 1997
2. Stinchcomb AL. The role of entrepreneurial activities in academic pharmaceutical science research. J.Pharm.Sci.