1.25 trillion US dollars - The value of the pharmaceutical industry around the world in the year 2019. India is considered the largest generic medicine provider in the world. This gives rise to heated competition among the businesses operating in this industry, which later arises the need for enterprise software.
The increasing number of regulatory approvals (62 by the FDA in 2018 vs 55 in 2017) are supporting a 6.9% CAGR expected growth of the prescription drugs market in the period 2019-2024. A good way to survive in such a volatile market is being agile in manufacturing and delivery. This is where ERP for the pharmaceutical industry comes into the picture.