By: India Pharma Outlook Team | Friday, 24 November 2023
As per joint EY Parthenon-Organisation of Pharmaceutical Producers of India (OPPI) report, the Indian pharmaceutical industry can grow to $450 billion by 2047 as a result of transformative innovation, fortification of manufacturing and quality standards, and pursuit of sustainable and equitable healthcare.
“The industry aims to achieve $130 billion by 2030 and $450 billion by 2047, by expansion within the domestic market, spurred by the nation's economic growth and the heightened adoption of healthcare services, largely influenced by government initiatives like Ayushman Bharat and Ayushman Bharat Digital Mission,” the report stated.
Speaking on the launch of the report, Suresh Subramanian, partner and national life sciences leader, EY Parthenon India, said that the report examines the industry’s potential to be an innovation powerhouse, play a crucial role in the global pharma supply chain, and ensure sustainable access to healthcare, with digitalization as a force multiplier, as per business standard.
The report includes interviews with 40 Chief Experience Officers (CXOs) from top Indian and worldwide pharmaceutical businesses, with 30% stressing the importance of having a strong research and innovation framework in place.
“There needs to be collaboration between the industry, academia, and government to advance research and innovation capabilities. More alignment and collaboration between different academic and government research organisations,” the report said.
The report mentioned the recently launched Promotion of Research and Innovation in Pharma and Medtech sector (PRIP) scheme. “With a budget outlay of Rs 5,000 crore, the scheme will help to create an ecosystem of skills and capacities and give impetus to new talent through startups,” the report stated.
Aside from the opportunities provided by different government efforts, the research emphasized the need for comprehensive programs focused at controlling and managing India's most prevalent noncommunicable diseases (NCDs).