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PLI & digital technology propel Indian pharma’s growth prospects and competitiveness in global markets
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Nandita Vijayasimha, Bengaluru
October 31 , 2024
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Indian pharmaceutical sector is witnessing significant growth prospects, driven by initiatives like the production linked incentive (PLI) scheme and the increasing adoption of digital technology.
According to Tejinder Pal Singh, founder director & senior partner, pharma, healthcare & life sciences, Transearch India, Covid-19 pandemic has reshaped global views on health, especially raising the stakes for strong pharmaceutical manufacturing capabilities. Running parallel with these changes, recent US trade policy actions against China have accelerated a global supply chain realignment, placing India as a leading manufacturer for international markets.
The increasing penetration of generic drugs, coupled with growing healthcare awareness, has further catalyzed huge investments in India's pharmaceutical sector, supported by a number of initiatives from the government. In this context, the PLI scheme contributes towards India to decrease its dependence on imports from other countries, majorly China, for finished medicines and their raw ingredients. Buoyed by these, the India pharmaceutical manufacturing market of India is expected reach $35.38 billion by 2030 while growing at an impressive 10.5% CAGR, said Gulpreet Kaur Chawla, partner, healthcare & life sciences practice, Transearch India.
With several central frameworks to catalyze research and development, initiatives like the promotion of research and innovation in pharma have shifted industry focus toward drug discovery concerning chronic and lifestyle diseases. Interestingly, as sustainability becomes priority, many companies have begun to adopt initiatives that lead to lesser environmental impact, while observing strict GMPs toward high product quality and safety, he added.
This means, that US companies and other foreign investors, setting up and expanding modern bases has become a key priority. Besides meeting the increasing demand, India is amidst interesting times, building up resilience from potential disruptions that may be realized in the future, noted Chawla.
In an increasingly competitive environment, the necessity for digital transformation within India's pharmaceutical sector has become paramount. The adoption of advanced technologies such as AI, machine learning, and IoT is essential for improving operational efficiencies, enhancing product quality, and ensuring compliance with regulatory standards, stated Singh.
Pharma companies have made substantial investments in digital infrastructure, automating production processes and optimizing supply chains. This digital leap not only boosts productivity but also enables greater transparency and accountability in operations, vital for sustaining competitive advantage, said Singh.
Going with pharma is the shift towards patient-centric strategies. There is a growing awareness that collaboration across and within health professional disciplines may be used to advance the care of patients. Having integrated patient feedback and an enabling technology will create an assurance for health care providers that care will be delivered with the ability to meet patient expectations and needs, he said.
The combination of the PLI scheme and digital advancements positions the Indian pharma for sustained growth, innovation, and competitiveness on the global stage. As companies adapt to these changes, they may also focus on sustainability and addressing emerging health challenges, further enhancing their market potential, said Singh and Chawla.
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