 "medicines, pharmacy, pharma industry")
The Indian pharmaceutical industry is expected to reach $450 billion in size by 2047 on the back of transformative innovation, fortification of manufacturing and quality standards, and the pursuit of sustainable and equitable healthcare, according to a report.
The joint EY Parthenon-Organisation of Pharmaceutical Producers of India (OPPI) report underlines the need for collaboration and alignment between the industry, academia and government to advance research and innovation capabilities.
“The industry aims to achieve $130 billion by 2030 and $450 billion by 2047, by expansion within the domestic market, spurred by the nation's economic growth and the heightened adoption of healthcare services, largely influenced by government initiatives like Ayushman Bharat and Ayushman Bharat Digital Mission,” the report stated.
Forecasted progression of market size of Indian pharma industry (from 2000)
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Sources: EY-OPPI Report, EY-FICCI reports
Speaking on the launch of the report, Suresh Subramanian, Partner and National Life Sciences Leader, EY Parthenon India said the report examines the industry’s potential to be an innovation powerhouse, how it can play a crucial role in the global pharma supply chain, and ensure sustainable access to healthcare, with digitalisation as a force multiplier.
The report involves interactions with 40 Chief Experience Officers (CXOs) from leading Indian and global pharmaceutical companies, with 30 per cent of respondents highlighting the need for a robust research and innovation system in place.
It highlighted the recently launched Promotion of Research and Innovation in the Pharma and Medtech sector (PRIP) scheme.
“With a budget outlay of ~5,000 crore, the scheme will help to create an ecosystem of skills and capacities and give impetus to new talent through startups,” the report stated.
In addition to the potential offered by various government initiatives, the report also underscored the necessity for comprehensive programmes aimed at controlling and managing India’s most prevalent non-communicable diseases (NCDs).
The report states that NCDs account for around 66 per cent of deaths, which can be prevented if patients get the right care with government and industry-supported programmes.
