The pharmaceutical drug market is all about production, development and manufacturing of drugs and medicinal compounds (Khanna, 2012). Medicinal compounds, on the other hand, include all active chemical or organic products with capabilities of eradication and control of diseases.
According to a report by WHO, (2015) asthmatic drugs comprised approximately 30% of the overall drugs market. However, allergic cases such as drug hypersensitivities, food hypersensitivities, skin allergies, and others; lack a significant market share in spite of their rising prevalence.
The drug market in India not only manufactures drugs to be used in the country but also for export to other countries of the world (Basak, 2018). There are different international policies and laws as well as country-specific laws that pharma companies need to follow for the export of drugs.
The Indian pharmaceutical industry has emerged as the third largest country in the world in terms of volume with a turnover amounting to US $ 21.04 billion in 2009. In addition to this, the industry includes more than 20,000 licensed companies that employs 500,000 people (Industry, 2011).
The pharmaceutical industry of India consists of the total value of pharmaceutical formulations sold in India. It is one of the major contributors in the healthcare industry.
Applied statistics in the pharmaceutical industry is traced to Kefauver-Harris Drug Amendments in 1962. According to the amendment, firms must prove the safety of the drug and also present substantial evidence of its efficiency (Burger et al, 2012).