Pharma Industry To Aim for Sustained Growth

The domestic pharmaceutical industry anticipates another year of continuous growth in 2024, despite a number of hurdles, such as maintaining quality standards while transitioning from volume to value leadership. To satisfy the increasing healthcare needs, the industry, known for providing affordable generic medications to worldwide markets, plans to further leverage collaborative efforts, invest in R&D, and enforce quality standards.

"The convergence of policy thrust, and India's entrepreneurial vigour will propel the sector's growth and ensure a consistent supply of quality-assured affordable medicines for patients, both in India and globally," said Sudarshan Jain, Secretary General,Indian Pharmaceutical Alliance (IPA)

IPA comprises top domestic pharmaceutical companies, including Sun Pharma, Dr Reddy's Laboratories, Aurobindo Pharma, Cipla, Lupin and Glenmark. Jain said that this year, the government announced various policy initiatives like the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP), approach paper on National Pharma Policy and displayed thrust on 'One Health' during the G20 Summit, as per economic times 

These initiatives are a continuation of the Production Linked Incentive (PLI) 1.0, bulk drug park, and PLI 2.0 schemes, and are targeted at self-sufficiency and the development of global champions from India, he said.

Anil Matai, Director General of the Organisation of Pharmaceutical Producers of India (OPPI), stated that the pharmaceutical business is prepared for continuous development and innovation in 2024.

"Next year, we anticipate a continued partnership between the government and the pharmaceutical industry, driving advancements, fostering innovation, and ultimately contributing to a healthier and more resilient society," he said.

The construction of specialized patent benches is one of the anticipated milestones in 2024, according to Matai. AstraZeneca, Johnson & Johnson, and Merck are among the research-based pharmaceutical corporations represented by OPPI in India.