Indian pharma must embrace R&D to capitalize on significant growth: Stakeholders

Indian pharmaceutical sector is poised for significant growth, with a projected value of USD 65 billion by 2024 and surpassing USD 130 billion by 2030, but it must embrace R&D across the entire value chain to capitalise on the potential, industry stakeholders said on Wednesday.

In a roundtable conference of industry leaders and associations at the ongoing 16th edition of CPHI & PMEC India Expo, the industry noted that India is a major exporter of pharmaceuticals, with over 200 countries served by Indian pharma exports. The country supplies over 50 per cent of Africa's requirement for generics, 40 per cent of generic demand in the US, and 25 per cent of all medicine in the UK.

Despite these impressive achievements, approximately 30 per cent of Indians lack access to essential medicines, the roundtable conference noted and highlighted the "urgent need for innovative solutions" to bridge this gap and improve healthcare accessibility for all Indians, the stakeholders mentioned.

Among key strategies discussed during the roundtable conference for the way ahead was enhancing cost-efficiency and digital transformation to streamline operations and reduce costs, addressing the innovation funding gap through strategic partnerships with academia, biotech, and venture capital firms.

The pharmaceutical B2B event was held at the India Expo Mart and Centre in Greater Noida. The theme for this year's annual industry exhibition was innovation and sustainability, event organizers Informa Markets said.