India striving to be global healthcare custodian: Torrent's Samir Mehta

The Indian pharmaceutical industry is aiming to more than double its size to US$ 120-130 billion by 2030 as it looks to ride on the back of innovation to become the healthcare custodian of the world, Indian Pharmaceutical Alliance (IPA) president and Torrent Group chairman Samir Mehta said.

In the last 25 years, the Indian pharma industry has grown nearly 20 times - a market size of US$ 58 billion from US$ 3 billion in 1999-2000, contributing equally to domestic sales and exports today. The sector is among the top five contributors to India's trade surplus, which has grown to US$ 19.5 billion from merely US$ 1 billion in 1999-2000.

 

"The journey of Indian pharma is a testament to how key policy reforms coupled with entrepreneurial spirit have nurtured the sector's growth," Mehta wrote in an article on the occasion of IPA completing 25 years. "The Indian pharmaceutical sector stands at a critical juncture as India heads toward 2047. From job creation to global trade and innovation to public health, the industry's contributions will be central to realising the goals of 'Viksit Bharat."  A supportive and enabling policy framework, strong investment in R&D, and a commitment to affordable healthcare access can empower the sector to unlock its full potential, he said, adding that concerted efforts among stakeholders - pharma industry, ancillary sectors, regulators and academic institutions - will be essential to achieve this aspiration.

"Embracing the ancient Indian philosophy of 'Vasudhaiva Kutumbakam', meaning the world is one family, India is poised to be the healthcare custodian of the world," he said.

India's excellence in producing high-quality, affordable generic drugs and vaccines has positioned the nation as a key player on the global stage, he said. On the global stage, India carries weight to advocate for crucial issues such as trade, sustainability, innovation, technology and healthcare.

"India's role in the new global order has never been more apparent than during the recent battle against the COVID-19 pandemic. The nation rose to the occasion to ensure a consistent supply of life-saving medicines to patients globally, cementing its leadership position in global healthcare," he said.

This achievement is not accidental but a result of years of dedication to innovation, excellence in manufacturing, and consistently meeting global quality standards.

"Our perseverance has been tested over time, and we have consistently demonstrated our resilience in the face of adversity. Today's success is built on the hard work of the past, and the decisions we make now will pave the way for a prosperous future," he said.

The Indian pharmaceutical industry is a crucial component of the country's growth narrative.

Mehta said as a global manufacturing powerhouse, India supplies 20 per cent of the world's generic drug demand and ranks 11th in terms of volume and value.

"Today, the global healthcare landscape is undergoing a significant paradigm shift - a shift in disease patterns and population age, consumerisation of healthcare and increasing focus on holistic health," he said. "Indian pharma aims to grow to US$ 120-130 billion by 2030 and US$ 400-450 billion by 2047."  Capturing this opportunity in the coming decades would require four key enablers - the focus needs to be on robust funding mechanisms and building talent adept at life sciences (biopharma) and digital technologies to foster innovation.

Also, to aspire and maintain global leadership in pharma, there is a need to enable and follow globally benchmarked regulations. There is also a need to efficiently integrate technologies for drug discovery, manufacturing and commercialisation at scale and convergence of drugs, data and devices.

Lastly, augmenting existing infrastructure to achieve self-reliance across the supply chain will be critical for healthcare security, he said. "The Bulk Drug Parks, Production Incentive Schemes aimed at self-reliance and making global champions from India will help create world-class manufacturing and R&D hubs.