 "India is still a developing country with a low per capita income of $2,500, which also camouflages wide income and wealth inequalities. India currently ranks 134th out of 193 countries in the Human Development Index, which is a more accurate measure")
India could potentially account for 8-10 per cent of work share outsourced to CDMOs globally by 2033, an outcome of a significant amount of work shifting from EU and the US to Asia, a report by McKinsey & Company has said.
The global CRDMO (Contract Research Development & Manufacturing Organisation) industry is about to witness a re-distribution of outsourcing work across several Asian countries, with India and Korea emerging as new powerhouses by 2033, the report said.
According to a McKinsey analysis, by 2033, India could potentially account for 8-10 per cent share of work outsourced to CDMOs globally.
"This growth is largely driven by the evolving geopolitical environment with most Indian CRDMOs expecting 20-40 per cent of their new business to stem from these changes," the survey stated.
As per market estimates, the global CDMO industry is estimated at $224 billion which is expected to rise to $465 billion by 2032.
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McKinsey & Company Partner Anirudh Roy Popli said the biopharma industry is increasingly recognising the value Indian CDMOs bring to the table.
"With a strong focus on value and innovation, Indian CDMOs are well-positioned to play a pivotal role in shaping the future of healthcare," he added.
Eight Roads Ventures Senior Partner, Head of India & India Healthcare Investments Prem Pavoor said the living geopolitical landscape and impending legislation presents a significant opportunity for the Indian CDMO industry, one that could be truly transformative.
"We're already seeing leading Indian bio-pharmaceutical companies receive more request-for-proposals, especially from US customers. Though these customers may be adopting a wait-and- watch approach for now, it's clear that, amidst global uncertainties, they will seek to diversify their outsourcing footprint," he added.
This creates a huge opportunity for India, but also a challenge because Indian CDMOs will need to be prepared with the right infrastructure and services to meet this increased demand, Pavoor said.
(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.)
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