More large pharma companies in India are looking to outsource product development and manufacturing to CDMOs: Windlas Biotech
The outsourcing market size for pharmaceutical manufacturing and development in India roughly stands at 20,000 crores and is expected to grow about 40,000 crores in next five years.
The Government of India, through its initiatives like Ayushman Bharat and Jan Aushadhi Yojana has opened a channel or window for drug manufacturers to provide quality and affordable medicines
Karma Management Global Tech, the foremost HR & Compliance Labour Law Solution Provider, has been in this field for over 17 years , mainly into providing sound solutions for complex labour law confrontations and conflicts, strong enabler of shared and outsourcing resources, conversion maker of recruitment into talent acquisitions, training and development programs, on boarding automated processes, HR customized policy makers, to suit every individuals need based assessment in particular and the Organization in general.
Coming closer to Karma Management’s Shared Services and Temp Staffing Businesses, it has been managing many of the establishments functions which have been partly or fully loaded on to us by our esteemed clients , in an impeccable processing manner. Together with this, Karma has been running its temp staffing business vertical , with over 6000 employees and contingent workers on its roll, in a seamless manner within the ambit of its much advanced technological foray with highly defined systems and processes.
It is gladdening to hear that through the initiatives of the Government in various streams, World Renowned International Organizations are putting their best foot forward in off loading their Outsourcing functions and activities to Indian Contractors, especially in the field of Pharma where the market size stands today at 20,000 crores and expected to double in the next 5 years.
As a consequence, the much smaller contract players in the pharma business are likely to grow in leaps and bounds as a major portion of the product manufacturing processes will be outsourced to Indian Contractors , resulting in more employment of contingent workers or contract workers or fixed term employees by adopting outsourcing pattern of work.
In this kind of a scenario, Karma Management Global Tech, plays a larger role in taking care of all outsourcing activities either on “SHARED SERVICES BASIS” or on “DEPLOYING OF EMPLOYEES ON OUR ROLLS” for end-to-end deliverables.
Both the functions of “Shared Services” and “outsourcing of employees” are strong enablers that are rooted in some of our Business Divisions.
It is, naturally, a good sign to know that 70% of the new pharmaceutical products launched in the Indian market are and will be coming to the leading Indian Contract Development and Manufacturing Organization (CDMOs), as a result of existing large pharma companies outsourcing it to the Indian CDMOs.
The increasing outsourcing trend in the pharmaceutical industry demonstrates the success of this partnership, as CDMOs are increasingly becoming an integral part of their value chains. However, the COVID-19 pandemic has enhanced the position of the CDMOs across the world. Today, CDMOs have an opportunity to venture beyond the traditional model and establish themselves as vital partners and build strategic, integrated partnerships with their customers keeping in mind the outsourcing trends.
The outsourcing market size for pharmaceutical manufacturing and development in India roughly stands at 20,000 crores and is expected to grow about 40,000 crores in next five years. There are Contract Manufacturing Organizations (CMOs) and CDMOs – in the former, contract manufacturers take the technology from the customer to develop the product and in the latter, contract development and manufacturing organizations develop their own Intellectual Property (IP) to meet the customer requirements. The market size is growing quite strongly because more and more large pharma companies in India are looking to outsource products which is one of the strongest drivers of growth of CDMOs in India.
Karma Management Global Tech is fully equipped and geared up to receive either the complete Outsourcing of HR activities of all these Contract Manufacturing Organizations or have the contingent workers or employees of Contract Manufacturing Organizations on our rolls for deployment in the premises of CMOs in various locations so that the entire employee life cycle right from scouting, sourcing, selecting , appointment letter, on-boarding, remuneration and benefits, KPAs and KPIs , performance management, will be taken care of , by us in a well defined and purposeful manner.
While the CDMOs will focus on manufacturing capacities, capabilities and strengths to identify the opportunities for differentiation in order to bring innovative products to market of Indian pharma companies across the world, Karma Management Global Tech will manage resource and facilities of HR & Compliance functions or engage their employees on our roll to provide real time customer experience.
Karma Management currently has a strong track record of partnering with large multinationals and Indian pharma companies for managing their HR & Compliance issues and providing appropriate solutions after studying the problem areas with a view to solving all issues with a logical and legal compliance solutions. Karma Management’s high powered brand which has been propelling and drawing all types of establishments in the various industries closer to it, has brought much needed glory to scale up its market position and race higher towards being one of the foremost HR & Compliance partners in the country today.
The Government of India, through its initiatives like Ayushman Bharat and Jan Aushadhi Yojana has opened a channel for CDMOs to provide quality and affordable medicines to every village in the country. Over 76,000 health and wellness centres (HWC) have been set up by the Government with an emphasis on implementing modern health infrastructure across a network of hospitals and modern laboratories. CDMOs are uniquely positioned to offer generic drugs at an affordable cost and at the same time are able to meet the quality requirements as well.
The Indian Government has taken the necessary first step of bringing even the poorest of people under the umbrella of health insurance through Ayushman Bharat wherein more healthcare centres have been brought into smaller cities, government, hospitals, ESI hospitals. All of these are extremely important because they will bring the health care providers closer to people.
While Technology has played a significant role in bringing medicines closer to customers by blending technology in healthcare to ensure faster and no-contact delivery, affordability and access and at the same time, Karma Management has also digitalized by integrating every piece of technology that measures scouting, searching , selecting, talent acquisitions , KPAs and KPIs , creating one seamless experience with the least amount of touchpoints, and a maximum level of agility and transparency for candidates, hiring managers, recruiters, and leaders. Thus, it has been able to bridge the gap by involving people right from the start to the finishing line which has been well accepted by classes of people in position of deliverables, both internal and external.
Additionally, CDMO companies are also reviewing their compliance status and joining hands with Compliance Experts like Karma Management Global Tech , to take necessary steps to put the HR & Compliances in order wherever required so that the risks of compliances are kept to the lowest ebb.
Most organizational leaders simply consider regulatory compliance as one of the many costs of doing business today. It’s the norm for businesses to be required to comply with all the multiple sets of regulations. There are plenty of tangible, intangible, mandated and non-mandated reasons to perform compliance-related tasks and activities . Apart from the fines and the bad press, the primary reasons that business owners willingly jump through the necessary steps of adhering to the level of compliances is to protect their customers and their own brand.
It is in this context that Karma Management Global Tech is putting pressure as Corporate Citizens on various establishments and Contractors or Vendors to remain compliant at all times as it is good for the company and its customers at large. Such kind of positive steps are helpful for the good players to win; companies that are complying to the norms, making investments, hiring the right talent, and thereby growing in an orderly fashion, will ultimately enhance their business prospects , their products and services with the image of being a loyal regulatory compliance organization.
And for this, remember to trust in the devoted and dependable brand of Karma Management which is always client centric, building and nurturing client relationships and extending all compliance and outsourcing support to increase customer lifeline value by creating a cultural value around the customer and their needs.