EY Parthenon (EY-P), a prominent strategy consulting entity, along with the Organisation of Pharmaceutical Producers of India (OPPI), published a report titled ‘Viksit Bharat@2047: Elevating India from Global Pharmacy to International Pharma Leader,’ charting the industry’s path towards global prominence. This report explores the sector’s evolution towards achieving a market size of US$ 450 billion by 2047, emphasizing innovation and capacity building with governmental aid and collaboration from startups and academia.
Between September and October 2024, EY-P and OPPI engaged in primary research involving top executives from renowned Indian and international pharmaceutical companies. This research aimed to gauge their insights on pivotal growth segments for India’s pharma sector.
A significant insight was the emphasis on a unified innovation vision, stressing the importance of a collaborative ecosystem and underlining quality and talent as essential growth catalysts.
Regarding strategic areas in innovation and R&D enhancement, 86% of pharmaceutical leaders highlighted the necessity of promoting ecosystem collaboration; 79% acknowledged AI/ML’s role in enhancing drug discovery efficiency and the clinical development process. Meanwhile, 50% stressed that simplifying regulations was crucial for expansion.
Suresh Subramanian, Partner & National Life Sciences Leader at EY Parthenon India, stated, “India’s pharmaceutical industry is on the brink of substantial growth. Our report underscores progress in areas like active pharmaceutical ingredients (APIs) and key starting materials (KSMs) while highlighting digital technologies’ growing influence on innovation. Insights from our CXO survey highlight ecosystem collaboration and sustainable manufacturing as pivotal growth drivers. Coordinated industry, government, and academic efforts are vital in establishing India as a global pharma leader over the next decade.”
Expressing similar sentiments, Anil Matai, Director General of OPPI, remarked, “India has a well-rounded vision of evolving into a global pharma giant, focusing on innovation, quality, and an integrated pharma supply chain. This report serves as an ambitious roadmap and an impetus for action that resonates with India’s wider aspirations under the Amrit Kaal. It sheds light on key themes that will shape the pharma sector’s future: high-value research potential, impactful innovation, seamless global pharma supply chain creation, and the pursuit of sustainable, equitable healthcare access.”
The CXO survey highlighted key focus areas, such as enhancing APIs and KSMs sectors, driving R&D and innovation, CRDMO market leadership, quality milestones for future pharma transformation, strategizing affordability and accessibility, nurturing talent for innovation leadership, and digitally enabling healthcare for outcome improvements.
Insights from industry specialists on India’s digital healthcare sector further highlighted digital’s transformative role in healthcare delivery and patient outcomes. Use cases showcased digital health’s potential to revolutionize last-mile delivery, making healthcare reachable in the most isolated areas. There was a strong advocacy for emphasizing the successful adoption of the Ayushman Bharat Digital Mission and instituting policies that support comprehensive digital integration across public and private healthcare sectors.