Express Pharma

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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Venkataraman 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 bio-medical research rely heavily on innovation. Every medical 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 t