 "AI, machine learning to help Indian pharma industry to pivot on innovation")
As technological advancements like AI, machine learning and precision medicine revolutionise drug discovery, manufacturing and patient care, Indian pharmaceutical industry is set for a 'profound transformation' in 2025 with innovation, wider global access and improvement in quality becoming key themes for the future.
The industry, which is expected to grow nearly two-fold to around USD 130 billion in size by 2030, is looking to take advantage of conducive policies, demographic and digital talent, in making India play a pivotal role in advancing global health for all.
Currently accounting for around 20 per cent of the overall generic drug sales globally, the Indian pharma industry is focussing on research excellence and innovation in order to position the country as a global hub for high-quality, affordable pharmaceuticals.
"The Indian pharma market is expected to move up to USD 120-130 billion by 2030 from the current size of USD 58 billion. Initiatives in terms of quality, innovation and wider global reach will help the Indian pharma sector to realise the potential," according to Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain.
Given the conducive policies and the advantage of demographic and digital talent, India will play a pivotal role in advancing global health for all in years to come, he added.
IPA represents 23 leading research-based Indian pharmaceutical companies like Sun Pharma, Cipla, and Dr Reddy's Laboratories, among others.
Jain said innovation will continue to be a major focus for the industry going forward.
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He noted that the government is expected to soon announce the operational details of the Promotion of Research & Innovation Programme which would also spur innovation.
Elaborating on the initiatives lined up in the private sector, he said that leading companies are increasing their focus on specialty portfolios and diversifying into higher-value drugs.
"Additionally, the industry is set to make notable progress in areas such as CAR-T cell therapy, mRNA vaccines, and the development of complex molecules, which hold immense potential for driving future growth," Jain said.
Besides, the patent expiries of blockbuster biologics by 2025 present a significant growth avenue in the global biosimilars market, he stated.
Similarly, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai said the industry is set for a profound transformation in 2025.
Technological advancements like AI, machine learning and precision medicine are set to revolutionise drug discovery, manufacturing and patient care, he said.
OPPI represents research-based pharmaceutical companies, including AstraZeneca, Novartis and Merck, in India.
Besides, strengthened regulatory frameworks will enable the swift adoption of innovative therapies while prioritising patient safety, Matai said.
"A focus on research excellence and innovation will position India as a global hub for high-quality, affordable pharmaceuticals. Collaboration between policymakers, academia and industry stakeholders will address unmet medical needs, particularly in underserved regions," he stated.
Also, adherence to Uniform Code of Pharmaceutical Marketing Practices (UCPMP) will uphold ethical standards, fostering trust and transparency across the healthcare ecosystem, Matai stated.
Reflecting on the year gone by, Jain said 2024 has been a year of building on a robust foundation with sustainable growth and thrust on simplifying regulations and harmonisation with global standards.
The PLI (production linked incentive) schemes have started seeing dividends with the launch of greenfield projects for the production of Penicillin G and Clavulanic acid, among others.
Matai noted that the notification of the Patent (Amendment) Rules 2024, waivers for Phase 3 clinical trials for certain categories of drugs already approved in well-regulated markets, and the much-awaited Trade and Economic Partnership Agreement (TEPA) with European Free Trade Association (EFTA) states reflect India's progressive strides toward creating a dynamic, globally competitive pharmaceutical sector that is driven by innovation.
Commenting on the healthcare segment, Fortis Healthcare MD & CEO Ashutosh Raghuvanshi said that the hospital market is projected to grow from nearly USD 99 billion in 2023 to an estimated USD 194 billion by 2032.
"Our sector is not only expanding but evolving to meet the diverse needs of our population. This year has been particularly significant as hospitals have emerged as the leading recipients of foreign direct investment within the healthcare landscape," he added.
Looking ahead, the industry must focus on several key trends that will shape the future of healthcare in India, Raghuvanshi said.
"The ageing population will drive demand for specialised geriatric care, while a growing emphasis on preventive care will shift our focus from merely treating illness to promoting wellness," he stated.
Additionally, the integration of advanced technologies such as artificial intelligence, robotics, and telemedicine will enhance diagnostic precision and operational efficiency, ultimately improving patient outcomes, he added.
Commenting on the medtech sector, Poly Medicure MD Himanshu Baid said it is imperative for companies to step up their investments in R&D and innovation to sustain growth momentum.
"The future belongs to those who can develop transformative technologies that address the healthcare needs of a dynamic and diverse world. With initiatives like the new medical devices scheme and a favourable regulatory environment providing the necessary foundation, India is well-positioned to expand its influence globally," he added.
As the market is expected to reach USD 50 billion by FY30, the med-tech industry's growth story reflects the power of collaboration and self-reliance, he added.
Metropolis Healthcare Promoter and Executive Chairperson Ameera Shah said as the diagnostics industry progresses from USD 13 billion in FY23 towards an expected USD 25 billion by FY28, it is fuelled by increasing awareness of preventive healthcare, an aging population, and broader insurance coverage.
However, the path forward demands a strategic focus on technology, accessibility, and collaboration, she added.
The future of diagnostics lies in embracing genomics, digitalisation and technologies such as AI, machine learning, and data analytics, Shah said.
"Consolidation through mergers and acquisitions will be key to overcoming industry fragmentation, enabling companies to scale, expand reach, and ensure uniform quality," she added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)