New Delhi: The domestic pharmaceutical industry expects another year of sustained growth in 2024 amid various challenges, including maintaining quality standards, while moving from volume to value leadership.
The industry, known for catering to global markets with affordable generic products, expects to further leverage collaborative efforts, invest in Research & Development (R&D) and uphold quality standards to meet the evolving healthcare needs.
"The convergence of policy thrust, and India's entrepreneurial vigour will propel the sector's growth and ensure a consistent supply of quality-assured affordable medicines for patients, both in India and globally," Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain told PTI.
IPA comprises top domestic pharmaceutical companies, including Sun Pharma, Dr Reddy's Laboratories, Aurobindo Pharma, Cipla, Lupin and Glenmark.
Jain said that this year, the government announced various policy initiatives like the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP), approach paper on National Pharma Policy and displayed thrust on 'One Health' during the G20 Summit.
These initiatives are in continuation of Production Linked Incentive (PLI) 1.0, bulk drug park and PLI 2.0 schemes, and are aimed at self-reliance and making global champions from India, he noted.
The Organisation of Pharmaceutical Producers of India's (OPPI) Director General Anil Matai said the pharmaceutical sector is poised for sustained growth and innovation in 2024.
"Next year, we anticipate a continued partnership between the government and the pharmaceutical industry, driving advancements, fostering innovation, and ultimately contributing to a healthier and more resilient society," he said.
One of the awaited milestones in 2024 is the establishment of the specialised patent benches, Matai said.
OPPI represents research-based pharmaceutical companies in India like AstraZeneca, Johnson & Johnson and Merck.
Matai said the dedicated benches will play a crucial role in adjudication of complex scientific and technical issues involved in pharmaceutical patents, fostering a climate conducive to innovation, and ensuring fair competition within the industry.
Addressing the complexity of clinical trial regulations, the industry is hopeful of regulatory support that enables parallel launches in India, he noted.
Streamlining these processes will not only expedite market entry but also contribute to a more patient-centric approach, ensuring timely access to innovative and life-changing medicines, he said.
"The industry looks forward to the upgradation of Good Manufacturing Practices (GMP) to bring it at par with WHO-GMP that would enable us to reinforce our dedication towards maintaining the highest quality and safety standards," Matai said.
According to him, the pharma sector remains at the forefront of India's healthcare landscape and with the collective efforts of all stakeholders, 2024 holds promise for further elevating the industry's global standing and steering the industry towards a paradigm shift from volume to value leadership.
Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said the Indian pharmaceutical industry has made significant strides globally, driven by an 8 per cent year-on-year increase in exports over the last five years.
"With an emphasis on innovation and developing complex generics as part of our strategy of moving up the value chain, we will continue to work towards meeting the evolving healthcare needs of patients across the world," he added.
A Dr Reddy's Laboratories spokesperson noted that the Indian pharma sector aims to grow to USD 120-130 billion by 2030 and USD 350-400 billion 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 2/3rd of the global pharmaceutical opportunity," the spokesperson said.
Medical Technology Association of India (MTaI) Chairman Pavan Choudary said that with changing geopolitics and global trends, India has the potential to become the favoured place for Western countries and Japan for investments in Asia if the country continues with evidence-based policy formulation.
"Two barriers impinging the sector like high customs duty and restrictions on public procurement need quick resolution though," he added.
The sector saw various policy interventions this year, including the National Medical Device Policy (NMDP 2023) and schemes like the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP).
—PTI