Date: February 18, 2022 | 3:00 – 4:30 PM IST
Offering over 60,000 generic brands across 60 therapeutic categories, India has a strong presence in the global pharmaceutical industry. India occupies a 20% share in global supply by volume and also supplies 62% of global demand for vaccines. India ranks 3rd worldwide for production by volume and 14th by value.
According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India’s domestic pharmaceutical market is estimated at US $ 42 billion in 2021 and likely to reach US $ 65 billion by 2024 and further expand to reach US $ 120-130 billion by 2030.
While the Indian pharmaceutical sector continues to maintain its growth pace, the Covid-19 pandemic brought some shortcomings to light. India uses Chinese ingredients to produce one-fifth of the world’s supply of medicines. Indian antibiotic manufacturers rely heavily — close to about 90% — on Chinese imports of raw materials.
Meanwhile, the Govt. of India has taken several initiatives to provide a conducive environment to the country’s pharma industry to make it self-reliant. The government so far has extended financial incentives of over US $ 2 billion to 55 pharma companies on the incremental sales of pharmaceutical goods and in-vitro diagnostic medical devices over six years. The scheme is set to bring many more players under its fold.
While the future of the Indian pharma industry looks bright, there is a need to address some teething issues as well. These issues are lack of a stable pricing and policy environment, lack of capabilities in the innovation space, external markets, supply chain management, lack of skilled workforce, adoption of digitisation and quality compliance scrutiny amongst others.
Objectives:
1. Discussing the burning issues and preparing a roadmap
2. Making Indian pharma industry ‘Aatma Nirbhar’
Key Discussion Points:
- Lessons learnt from COVID 19
- Reimagining pharma vision 2030
- Role of Covid-19 vaccine in India's growth story
- Improving communication between industry stakeholders and Indian regulator
- Reduce dependency on import
- PLI Scheme and its benefits
- R&D push for novel molecules
- Pace of digitization in the Indian pharma industry
- Developing a strong supply chain ecosystem
- Green pharma
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Dr. Mukund Chorghade is a serial entrepreneur and Founder, President and Chief Scientific Officer, THINQ Pharma and Ayurvidya Healthcare Innovations. He is the CSO of APINOVO. He was awarded a D.Sc. by the University of Mumbai in 2021. He provides synthetic chemistry, process and pharmaceutical development expertise to academic laboratories, pharmaceutical and biopharmaceutical companies, and engineers strategic collaborations between them. His research interests are in Drug Discovery and Development, Process Chemistry Derived Medicinal Chemistry, Traditional Indian and Chinese Medicine.
