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Pharma industry will continue to show positive growth across all segments in 2022: Nikhil Chopra
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Yash Ved, Mumbai
December 17 , 2021
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In the year 2022, the pharmaceutical industry will continue to show positive growth across all segments including formulations, active pharmaceutical ingredients (APIs), contract research & manufacturing service (CRAMS) and biotechnology.
The industry’s push to reduce dependence on China for API and KSM (key starting material) supplies will receive a boost from the government’s bulk drugs park and production-linked incentives (PLI) scheme and help domestic formulation manufacturers to manage supply disruptions in the long term, stated Nikhil Chopra, CEO and whole time director, J.B Chemicals & Pharmaceuticals Ltd.
While the domestic pharmaceutical industry will continue to excel in exports of APIs, bulk drugs, formulations and biosimilars to both regulated and semi-regulated markets, there will also be an increase in the investment in R&D to create infrastructure for discovering and testing new drugs and other products across the value chain.
"The accelerated development of vaccines and drugs such as monoclonal antibodies (mAbs) for Covid-19, oral anti-viral agents for mild and moderate Covid-19 has changed the very landscape of drug development across the world and could potentially change the outcome of Covid 19 pandemic waves. Technology never used before such as mRNA has made it to the mainstream to develop drugs. These global developments will also have a positive impact on the domestic pharmaceutical industry, which will have to show a greater focus on innovation - integrating digital technology for operational excellence in the development process-1," added Chopra.
Chopra stated that the year will also see the trend towards holistic health management continuing with an increasing focus on products that promote health and well-being from pharma and other supporting healthcare domains. Technology will also play an integral role in other aspects of the pharmaceutical industry in 2022.
Digitization will encompass increased use of artificial intelligence (AI), big data and cloud technology to add value and ensure that the Indian pharmaceutical industry continues to maintain quality and safety practices in line with global standards. 2022 should see the Indian pharmaceutical industry continue to grow en-route to reaching the projected size of over $60 billion by 2023, stated Chopra.
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