Mumbai: As the nation is gearing up to welcome the new year 2024, the Indian pharma sector in 2023 traversed the global healthcare challenges and emerged as a pivotal player in the worldwide healthcare ecosystem. In 2024, India’s pharma market is poised for further evolution and transformative shifts with significant opportunities and several challenges that lie ahead.
Some Indian pharma industry leaders interacted with ETHealthworld and shared their perspectives on what trends will drive the pharma growth trajectory for India in the coming year 2024 and beyond.
China plus one approach establishes India as a major participant in CDMO
Dr Himanshu Gadgil, CEO, Enzene Biosciencessaid, “The biosimilar The market will undoubtedly grow. Many biologics will come off patents in the next two to four years, which will encourage businesses that have made significant investments in developing robust infrastructure and human resources and present them with a chance to profit from the patent cliff. As a result, I anticipate that the development of biosimilars will rise significantly during the next few years. A further significant possibility stems from the changing global landscape, namely the ‘China plus one’ approach that establishes India as a major participant in Contract Development and Manufacturing Organizations (CDMO). Emerging fields like ADC’s and cell and gene therapy are also gaining traction beyond the established domains. An exciting growth trajectory is anticipated in 2024 as biotech pioneers navigate this dynamic terrain owing to the combination of biosimilar breakthroughs, strategic CDMO placement, and new modalities.”Indian pharma sector to grow to $120-130 bn by 2030 and $350-400 bn by 2047
“Today, the Indian pharma sector aims to grow to $120-130 bn by 2030 and $350-400 bn by 2047. One of the key drivers for this growth would be the expansion of the industry’s presence in the innovation space which continues to account for two-thirds of the global pharmaceutical opportunity,” said Dr Reddy’s spokesperson.
The pharmaceutical sector is positioned to address escalating demand for high-quality products
Nikkhil K Masurkar, CEO, Entod Pharmaceuticals, shared, “Anticipating notable shifts in the Indian pharmaceutical industry in 2024, we expect a continuous drive towards advancements in research and development. The focus will be on innovative therapies and personalized medicine to meet evolving healthcare needs. The industry is poised for increased integration of digital technologies in manufacturing and supply chain processes, aiming to boost efficiency and uphold product quality. With growing healthcare awareness and a rising disease burden, the pharmaceutical sector is positioned to address the escalating demand for high-quality products. The collaborative efforts of policy initiatives and India’s entrepreneurial drive will be instrumental in propelling sectoral growth, ensuring a reliable supply of affordable, quality-assured medicines globally. Anticipated surges in collaborations and strategic partnerships within the industry will foster a cooperative approach to healthcare challenges. Regulatory frameworks are likely to adapt to the evolving pharmaceutical landscape, emphasizing patient safety and nurturing industry expansion.”
