India’s Thriving Pharmaceutical Industry
Life sciences and pharmaceutical industry in India is on an accelerating growth path and is expected to reach USD 130 billion by 2030, making it one of the largest markets in the world. According to Economic Survey 2022-23, India is ranked 3rd worldwide in the production of pharma products by volume and 14th by value. It is majorly driven by factors such as a large patient population, increasing healthcare needs, and a growing middle class.
Owing to its capability in generic drug manufacturing, India is recognized globally as the pharmacy of the world as it occupies a 20% share in global supply by volume for generic drugs. Indian pharmaceutical companies have been supplying cost effective and high-quality medicines globally, contributing to the accessibility of healthcare worldwide.
Advancements in Biopharmaceuticals and Biosimilars
Significant strides are made in the development and manufacturing of biopharmaceuticals and biosimilars. These high-value drugs have an expanding market, and Indian companies have been investing exclusively in research and development in this sector. Investments in clinical trials is gaining pace as India is seen as a cost-effective location for conducting them. Indian pharmaceutical companies are increasingly focusing on innovation and developing novel drugs rather than just manufacturing generics. The government is continuously working on streamlining regulations to aid the industry and to attract more research investments. The introduction of new regulations is aimed at enhancing the ease of doing business and ensuring the safety and efficacy of the products.
Digital Transformation and Supply Chain Resilience
All these reforms coupled with technology advancements are paving way for India to make its mark as an emerging market and potential partner in manufacturing. The COVID-19 pandemic accelerated the adoption of telemedicine and digital health solutions in India. Many startups and established companies were focusing on developing and delivering healthcare services and products through digital platforms. The government’s “Make in India” initiative and a global focus on supply chain resilience brought attention to the active pharmaceutical ingredient (API) manufacturing sector. India is aiming to reduce its dependence on API imports and strengthen domestic production. Exports are growing, and the country is venturing into wide range of markets, including the United States, Europe, Africa, and other Asian countries. Additionally, both domestic and international companies are looking to expand their portfolios and market reach through strategic acquisitions. The global competitive landscape is continuously evolving, and Indian companies are adapting to changing market dynamics.
Making India a Global Pharma and Lifesciences Innovation Hub
Although new reforms and policies that address the challenges of the industry are continuously being deliberated, issues pertaining to intellectual property rights, patents, price sensitivity, regulatory hurdles, and quality control are still prevalent. Considering this, CII is organising the fifth edition of the Lifesciences Conclave on 17th November 2023 with the theme “Making India a Global Pharma and Lifesciences Innovation Hub”.
The conclave will facilitate rich dialogue between government, industry, and academicians to discuss the opportunities and challenges in the sector and how India’s evolving demographic and epidemiological landscape will lay a pathway for long term growth in Pharma. The discussion will cover key themes such as emerging business models and global collaborations, strengthening research and innovation support, self-reliant manufacturing, emerging technologies such as cell and gene therapy, vaccine development and regulatory frameworks.
Register for the event at: https://cam.mycii.in/OR/EventDetailOR.html?id=E000063568.