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Use of digital technologies to be tapped for future growth of pharma industry: Says report
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Our Bureau, New Delhi
September 28 , 2023
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The use of digital technologies including telemedicine and e-pharmacy services may be harnessed to enhance the distribution network and enhance the accessibility of medications to the patients. Besides, the potential of technologies including artificial intelligence (AI) and data analytics in fields such as drug research, clinical trials, supply chain management and consumer interaction has to be tapped for future growth of the pharmaceutical industry, says a latest report from the credit rating agency Infomerics Ratings.
The pharmaceutical industry in the country requires a sharper focus on improved data quality and incentivising the development of new drugs in order to retain the competitive advantage, it added in the latest Industry Outlook report on 'Indian Pharmaceutical Industry-Sustained growth is here to stay'.
"The process of digitisation has the potential to enhance operational efficiency, decrease expenses, and expedite the speed at which decisions are made. The use of telemedicine and e-pharmacy services may be harnessed to enhance the distribution network and enhance the accessibility of medications for patients," it said.
The industry has displayed remarkable growth, innovation, structural transformation, resilience and adaptation throughout its history and it can sustain its growth in 2023 by an accent on the well-established growth triggers, innovative strategies and making mid-course corrections, wherever necessary. Such well-conceived measures also help the Indian pharmaceutical industry to make a significant contribution towards enhancing global healthcare accessibility by inter-alia a robust and scalable response to public health emergencies, greater public private partnerships to support research and manufacturing hubs and development capacity and leveraging information and communication technologies (ICT), it said.
"Simultaneously, the issue of retaining the competitive advantage in the pharmaceutical industry requires a sharper focus on improved data quality and incentivising the development of new drugs. Evidently, it is important not to be behind the curve in terms of evolving trends and tendencies, regulatory stipulations and laws within the sector while ensuring the last mile availability in order to realise the humongous potential of this sector," it added.
To maintain competitiveness in the global arena, it is essential for Indian pharmaceutical businesses to increasingly allocate resources towards research and development endeavours. The expansion of market presence and income streams may be facilitated by the development of new pharmaceuticals, biosimilars, radio pharma, allergy immunotherapy, CDMO sterile injectables and generic copies of high-value medicines.
It recommended the industry to allocate resources towards the enhancement of biotechnology capabilities and the advancement of biosimilars, since both sectors have substantial growth potential on a worldwide scale. The establishment of strategic alliances and cooperation with multinational pharmaceutical corporations may help Indian enterprises in gaining entry into new markets and acquiring advanced technology, it added.
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