Discover the insights from top industry leaders and explore how India is setting the stage to become the world’s pharma powerhouse.
In brief
- India’s pharma sector is set to reach US$450 billion by 2047, with a focus on self-reliance, innovation and global expansion.
- Next wave of industry growth will be driven by innovation in next-generation modalities, achieving self-reliance in API/KSMs, expanding CRDMO footprint and integrated healthcare.
- Based on insights from our CXO survey, quality focus, digital integration and skilled talent are seen as crucial enablers by over 80% of the experts to achieve the Viksit Bharat vision for the sector.
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India’s pharmaceutical industry is on the brink of a major transformation as highlighted in a latest report by EY Parthenon (EY-P), in collaboration with the Organisation of Pharmaceutical Producers of India (OPPI). Titled ‘he report explores key accomplishments for the Viksit Bharat pharma and healthcare sectors. The report also deep dives into key opportunity and focus areas for the industry to solidify its position as a global leader in the pharmaceutical sector in India by 2047, reaching a projected market size of US$450 billion.
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In partnership with OPPI, EY surveyed top executives from leading Indian and global pharmaceutical companies, startups, patient advocacy groups and several government organizations between September and October 2024. Their insights revealed innvoation and integrated healthcare as key growth drivers for the industry, with a strong emphasis on quality focus, ecosystem collaboration, talent development and digital intergation
Strengthening the APIs and KSMs industry for self-reliance
The report highlights India’s progress in achieving self-reliance in the production of Active Pharmaceutical Ingredients (APIs) and Key Starting Materials (KSMs). Pharma companies are adopting varied strategies to secure supply chain and reduce import dependence. Capacity and capability expansion are core to the strategy, with emphasis on re-engineering manufacturing process for more environment friendly and economical alternative synthesis route. In the CXO survey, 75% leaders emphasized the importance of embracing sustainable pharma manufacturing practices to reduce costs and improve environmental outcomes, aligning with global sustainability trends; 63% highlighted the need to invest in infrastructure and operational efficiency for gaining competitive edge; 38% suggested exploring innovative materials and manufacturing processes, and the need to move up the value chain.