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India is poised to solidify its position as a global pharmaceutical powerhouse, according to a report ‘Healing the World: A Roadmap for Making India a Global Pharma Exports Hub’.
Developed by Bain & Company in collaboration with Pharmaceuticals Export Promotion Council of India (Pharmexcil), the Indian Pharmaceutical Alliance (IP Alliance), and the Indian Drug Manufacturers' Association (IDMA), the report sets forth a strategic vision for India's pharmaceutical industry to drive economic growth and innovation by 2047.
Speaking on the occasion of the release of this report, Pharmexcil Director General Raja Bhanu stated, “India’s pharmaceutical industry has played a crucial role in global healthcare, contributing 20% of the world’s generics demand. With this roadmap, we are not just looking at maintaining our leadership in generics but also transitioning towards high-value products, including biosimilars, innovative therapies, and specialty generics.”
Report reveals pharma growth as an economic driver. The report aligns with India’s broader economic goal of becoming a USD 30-35 trillion economy by 2047, with pharmaceuticals expected to be a key growth driver.
The report also highlights shifting from volume to value. While India is currently a global leader in generics production, there is an urgent need to focus on high-value segments such as biosimilars, novel drug formulations, and specialty generics to enhance India’s global standing in the pharma sector.
Key trends shaping India’s pharma future have also been discussed like supply chain resilience by strengthening local manufacturing and reducing dependency on foreign suppliers and boosting research and development initiatives to create innovative solutions.
There has been a rise of CDMOs and CROs. Therefore, it offers avenues towards expanding contract development and manufacturing organizations (CDMOs) and contract research organizations (CROs) to cater to global demand.
There is a greater appetite towards leveraging technology and sustainability initiatives to improve efficiency and global reach.
India’s pharmaceutical exports are projected to grow 10-15 times, reaching an estimated USD 350 billion by 2047. This growth will be driven by emerging opportunities in biosimilars, vaccines, and innovative therapeutics.
A new framework has been introduced in the report, QuRATE—Quality, Regulation, Access to global markets, Talent, and Entrepreneurial innovation—will act as a guiding principle to enhance India’s leadership in pharmaceutical exports.
Strategic focus areas discussed in the report are expansion of exports in specialty generics, active pharmaceutical ingredients (APIs), and vaccines, leveraging the China+1 strategy to boost CDMO services and attract global investments.
Raja Bhanu emphasized the need for a collaborative approach, stating, “Close coordination between the government and private sector is essential to execute this vision. By transitioning from volume-driven exports to a value-driven model, we can ensure that India remains at the forefront of the global pharmaceutical landscape.”
The roadmap serves as a call to action for stakeholders in the pharmaceutical industry to align their strategies with this long-term vision, paving the way for India to emerge as a leader in global pharmaceutical exports by 2047.
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