Between September and October 2023, OPPI and EY undertook primary research, consulting with around 40 Chief Executive Officers (CXOs) from leading Indian and global multinational pharmaceutical companies and other industry organizations, to gain insights into the strategic priorities that will pave the way forward for the industry. Following are the focus areas that would help the Indian pharma and healthcare sectors in achieving the ambitious 2047 milestone:
1. Unleashing pharma’s value-driven research and innovation potential
Leaders in global pharmaceutical companies agree that the next frontier for India is to focus on disruptive innovation. Establishing a resilient innovation ecosystem to foster collaborative engagement of various stakeholders, such as major pharmaceutical/biopharmaceutical entities, startups, biotechs, academia, and clinical researchers, is key to this shift towards value-driven innovation. This ecosystem's vitality is further contingent on facilitative elements like financing, infrastructure, and supportive policies and regulations.
Large pharmaceutical/biopharmaceutical companies play a pivotal role, not just in the research and development of drugs, but also in harnessing innovation potential emerging from academia and startups, and translating it into tangible market advancements. Global Capability Centers (GCCs) also make substantial contributions to the country’s innovation ecosystem by fostering talent and skill development throughout the value chain, especially in intricate and strategic domains.
In September 2023, the government launched the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and Scheme for promotion of Research and Innovation in Pharma MedTech Sector (PRIP) . The policy will help to strengthen the ecosystem of skills and capacities including the academia and the private sectors and give impetus to new talent among the youth through start-ups. It will also build synergies between various government institutions and agencies.
Navigating the landscape of R&D with digital and data analytics:
Digital technology, data analytics, and artificial intelligence (AI)/machine learning (ML) hold the potential to transform the entire R&D value chain, from the intricate stages of drug discovery to the complexities of clinical development. This transformation can enhance efficiency and productivity, reduce costs and timelines, and improve patient access and diversity. Leveraging its robust IT capabilities, India has the potential to spearhead advancements in this field globally, and also propel the innovation trajectory of the country's pharmaceutical industry.
As numerous Indian companies embark on their journeys into the realms of next generation therapeutics, India is poised to undergo a transformative shift, progressing toward its Discovery 1.0 phase.
2. Becoming an integral part of the futuristic global pharma supply chain
Manufacturing and end-to-end supply chain management are pivotal components within the pharmaceutical industry. Over the past few years, several emerging trends such as pricing and inflation, technology implementation, focus on sustainability practices, transition toward personalized and next generation therapeutics, and innovative healthcare delivery models, are compounding the complexities within manufacturing and supply chain operations. These trends serve as crucial catalysts, necessitating a shift in priorities and much needed transformation of the manufacturing sector. These evolving industry trends, along with the macroeconomic variables, and geopolitical changes, position India at the forefront of the “China+1” opportunity.
During the CXO survey, industry leaders also highlighted the following three areas of focus for the Indian industry to be able to leverage these opportunities and become an integral part of the global pharma supply chain.