Leaders of major pharmaceutical companies emphasised the need to focus on both incremental and disruptive innovation during the exclusive, closed-door Pharma Leaders Round Table at the 16th edition of CPHI & P-MEC India 2023.
The round table focused on the dual themes of innovation and sustainability, bringing together a cross-section of industry leaders to ideate the direction of growth for the Indian pharma industry over the next decade. Additionally, the discussions centred on strategies to propel the industry forward.
The key participants included Dr. Sarah McMullen, Country Director at FDA, Anil Matai, Director General, OPPI, Harish K Jain, National President, FOPE; Director, Embiotic Laboratories, Nikhil Chopra, CEO & Whole Time Director, J B Chemicals & Pharmaceuticals, Sudarshan Jain, Secretary-General, Indian Pharmaceutical Alliance, S. V. Veeramani, Chairman and Managing Director, Fourrts India, Dr. Sunil Bambarkar, Managing Director, Gattefossé India Pvt. Ltd, Chakravarthi AVPS, Global Ambassador, WPO, Aditi Kare Panandikar, Managing Director, Indoco Remedies, Yugal Sikri, Managing Director, RPG Life Science, Deepak Sapra, CEO (API and Services), Dr. Reddy’s; Director, Saga Laboratories, Dr. Satish Wagh, Vice Chairman (A), CHEMEXCIL; Founder and Chairman: Supriya Lifescience Ltd., Namit Joshi, Vice Chairman, Pharmexcil; Commercial Director, Centrient Pharmaceuticals, Dr. Mahesh Bhalgat, Chief Operating Officer, Syngene.
India is a major exporter of pharmaceuticals, with over 200 countries served by Indian pharma exports. The country supplies over 50 percent of Africa’s requirement for generics, 40 percent of generic demand in the US, and 25 percent of all medicine in the UK. India also accounts for 60 percent of global vaccine demand and is a leading supplier of DPT, BCG, and Measles vaccines. 70 percent of WHO’s vaccines (as per the essential Immunization schedule) are sourced from India.
Howevver, approximately 30 percent of Indians lack access to essential medicines. The round table highlighted the urgent need for innovative solutions to bridge this gap and improve healthcare accessibility for all Indians.
The Indian pharma industry is poised for significant growth, with a projected value of US$ 65 billion by 2024 and surpassing US$ 130 billion by 2030. To capitalize on this growth potential, the industry must embrace innovation across the entire value chain. The round table emphasized the importance of focusing on both incremental and disruptive innovation.
Key strategies discussed included:
- 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.
- Establishing innovation clusters to foster collaboration and knowledge sharing.
Moreover, the round table urged the industry to move beyond a profit-driven focus and embrace sustainability as a core principle. This includes adopting process innovation to minimize environmental impact and exploring green chemistry solutions. The industry’s commitment to sustainability is evident in its ambitious goal of achieving carbon neutrality by 2030. Aligning sustainability with market growth and long-term success is crucial for the industry’s future prosperity.
The round table delved into the potential of moving from ample Biosimilars to novel biologics, emphasizing the role of CDMOs in leveraging the overall biologics opportunity. The Veterinary industry’s growth was also highlighted, sparking conversations on scaling up in this sector.
The Pharmaceutical Industry Summit, held in conjunction with CPhI & P-MEC India 2023, brought together approximately 1,800 exhibitors from 80 countries, underscoring India’s pivotal role in the pharmaceutical sector. The summit projected industry growth to an impressive US$ 65 billion by 2030.
Key Takeaways from the Summit
- Innovation and Growth: Focus on innovation, clinical trials, and next-gen possibilities for growth.
- Global Participation: Extensive global participation with 45,000-50,000 attendees from 450 countries.
- Industry Transition: Shift from generic to super generic manufacturing for end-to-end solutions.
- Regulatory Collaboration: FDA’s active engagement with Indian firms for new products, biologics, devices, and orphan drugs.
- Export Potential and Sustainability: Focus on export potential and value addition by improving quality packaging.
- Digital Integration: Recognition of India’s strong digital integration capability.
- Sustainability and Green Chemistry: Commitment to sustainability with a shift from dirty chemistry to green chemistry.
- Innovations in Biologics and Technology: Recognition of India’s strength in biologics and leadership optimism.
- Pharmaceutical Innovation and Challenges: Encouragement for companies to stand out with innovation and digitalization.
