India Pharma Outlook Team | Thursday, 02 January 2025
In terms of government support, the production linked incentive (PLI) initiative and the creation of greenfield projects have been vital in enhancing India's local pharmaceutical sector. Ruchi Sogarwal, head of corporate affairs at Takeda India, remarked, “These initiatives are positioning India as a hub for pharmaceutical R&D and innovation. As the market reaches $65 billion in 2024, India’s role in the global pharmaceutical supply chain is more critical than ever.”
The year 2024 emerged as a pivotal year for India's pharmaceutical industry, highlighted by significant progress in drug production, healthcare technology, and accessibility. With the implementation of the updated Schedule M to enhance manufacturing standards and a boost in healthcare technologies, the Indian pharmaceutical sector is reinforcing its stature as the 'Pharmacy of the World'. As the nation sets its sights on 2025, specialists are hopeful about additional advancements that will transform healthcare provision and enhance health results both domestically and internationally.
In the meantime, initiatives to enhance healthcare accessibility have grown stronger, particularly in Tier 2 and Tier 3 cities. Viji Varghese, director of Manipal Hospitals Dwarka, mentioned that the hospital network is currently broadening its scope via rural OPDs and online consultations. “Our aim is to close the accessibility gap by providing services in overlooked areas, making certain that individuals in distant regions receive prompt care without needing to travel far,” stated Varghese. The hospital is also growing into new cities, including Raipur, to broaden its services to a larger community.
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