In the ASSOCHAM Annual Pharma Summit 2024, Nakul Verma, Senior Director, Sanofi, shares industry analysis of the emerging pharmaceutical landscape. He pointed out India's outstanding potential in the pharmaceutical sector, focusing on the future's dependence on improving current capabilities and tackling challenges. Following are the key insights.
Quality and innovation serve as vital benchmarks for India's pharmaceutical industry. The sector showcases immense progress in terms of quality, and collectively, the nation is in a strong position. However, innovations remain a significant challenge that requires a primary focus to bring pharmaceutical companies a step ahead and unleash their potential. Moreover, the role of digital interventions is paramount to speeding up the progress at which technology is moving.
India's pharmaceutical industry is witnessing considerable growth in double digits and is anticipated to reach worth 130 billion by 2030 and half a trillion by 2047. Nowadays, there is export to more than 180 nations, and it remains the third largest global producer of pharmaceuticals in terms of volume and 14th largest in terms of value. Notably, India is the leader in the manufacturing of generics and vaccine manufacturing, and it continues to be a critical component of the healthcare ecosystem.
Currently, there are lot of novelties which are emerging such as the adoption of digital and AI in drug discovery, integration in our day-to-day operations, advancements in manufacturing, the growth of clinical trials and the development of robust supply chains. To support these developments, it is crucial to urge the Department of Pharmaceuticals to consider implementing further policy incentives and lay a strong foundation for the continued growth of the industry.
The future majorly focuses on research and innovation to generate more value, move up the value chain in global trade, and address emerging healthcare challenges such as antimicrobial resistance. For the pharmaceutical industry to succeed, the policy initiatives taken by the Department of Pharmaceuticals, the PLI and the PREP will play a critical role in shaping its growth trajectory.
Overall, GCCs are an essential component of the ecosystem, which will help India's pharmaceutical sector grow in totality and bring high value, skill sets and a policy framework along the lines of the way we have PLI for manufacturing and PREP for research. This would help the growth of GCCs and could also be considered by the government.
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