The Organisation of Pharmaceutical Producers of India (OPPI) has collaborated with BCG to publish a fresh analysis titled “Winning in Indian Healthcare.” This report was unveiled at the 2024 OPPI Annual Summit, themed: Viksit Bharat @2047 – Advancing India from the Pharmacy of the World to a Global Pharma Powerhouse. This summit saw participation from industry visionaries, innovators, scientists, and policymakers.
Currently worth around $60 billion, India’s pharmaceutical market is anticipated to expand twofold by 2030. The nation’s healthcare sector is on the cusp of substantial growth, fueled by a dynamic pharmaceutical framework. Progressive steps by the government and industry players have fostered this advancement, establishing India as a global nexus of innovation and a promising economic center amidst worldwide uncertainties.
International pharmaceutical enterprises have significantly reshaped India’s healthcare landscape. By introducing state-of-the-art technologies, establishing patient-support initiatives, and investing heavily in regional capabilities, they address community needs effectively. Around 70% of international pharmaceutical firms are projected to experience an annual growth rate exceeding 10% in India over the forthcoming five years. As India endeavors to realize its full potential and progress towards its “Viksit Bharat” aspiration, these global companies will be key in propelling this advancement.
Nonetheless, achieving success in the Indian market necessitates a meticulously crafted India-centric strategy that takes into consideration the market’s unique characteristics such as uneven payer coverage for specialty medications, pricing structures, and varying healthcare infrastructure levels. Experiences from other industries suggest that succeeding in India demands a long-term commitment, complemented by the adaptation of both the product lineup and operating model tailored to the Indian context.
Anil Matai, the director general of OPPI remarked, “India’s thriving pharma ecosystem, strengthened by forward-thinking government policies, places the country as a worldwide pharmaceutical powerhouse. With predictions for the Indian pharma market to reach nearly $120 billion by 2030, there is substantial growth potential. A customized strategy designed specifically for India is crucial for stakeholders to seize this opportunity and align with the country’s transformative ‘Viksit Bharat’ framework.”
Priyanka Aggarwal, a managing director and senior partner at BCG, observed that the Indian pharma market is set to double by 2030, offering immense prospects for global pharmaceutical firms. She noted that India’s market is at a turning point, propelled by its vast untapped potential, favorable policy, and regulatory actions over the past 5-7 years, and a well-established success strategy. Global pharma corporations have already formed substantial enterprises and demonstrate substantial interest in further investing in India both for domestic purposes and international expansion.
Anirudh Tara, managing director and partner at BCG emphasized, “Achieving success in India’s healthcare sector requires a profound comprehension of local conditions, from customized pricing strategies and patient access programs to strategic alliances and empowering healthcare workers. The eight outlined principles in this report offer a guide for global pharmaceutical companies to effectively navigate the unique opportunities and challenges in this rapidly growing market.”