/ -- The Drugs Technical Advisory Board (DTAB), back in May, showed a green flag to the proposal for amending the Drugs & Cosmetics Act. This is to make pharmaceutical marketing firms liable for any negligence in the regulations; earlier the company marketing substandard medicines were not held accountable for making patient consume low-quality medicines in India. This has definitely put pressure on the Pharma Marketing Companies to go for the reliable and trusted third party pharma manufacturing companies which would follow all quality standards and regulation by FDA and other authorities.
Many times, big pharmaceutical companies get their medicines manufactured by smaller companies. Today, if something (a violation) happens (Product quality), only the manufacturer can be held responsible, Now, legal action will be taken against both (the manufacturer and marketing company).
This amendment has lately made pharma professionals reconsider what to expect from third party Pharma Manufacturing company. Third party manufacturing has shown tangent growth of late in the majority of medicine production as it cuts down a good amount of cost and benefits the bigger pharma companies.
There are numbers of third party Pharma Manufacturing Companies out there in the market which practice quality manufacturing for medicine and follow norms. All one has to do is choose the right company in order to stay away from any sort of illegal trouble. Whereas, the third party Pharma Manufacturing Companies need to upgrade to best manufacturing standards.
Indian Pharmaceutical industry has gained prominence since the 1970s but back then, not much attention was given on the manufacturing standards. Now after 48 years, the scenario is completely different. 9 percent of pharma market is oriented, 70 percent is generic, and remaining 21 percent is over-the-counter (OTC). In order to stay ahead in this highly completive business sector, company has to put its best foot forward.
Why Pharma Companies go for third party Pharma Manufacturing?
Third party pharma manufacturing is hassle-free which attracts most pharma marketing companies. There are approximately 250 large units and about 8,000 small scale units, which form the core of the pharmaceutical industry in India including 5 Central Public sector units and these companies go for the third party pharma manufacturing services because of the following reasons:
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