Digital Transformations that are likely to result in improved usage of disease management tools, adoption of new sales channels and buying processes will result in $8.5 billion additional drug sales by 2024
FDA Commissioner calls for an alignment of Pharma industry, with the consumer and the Government for a better future and sustained growth at CII Life Sciences Conclave
“The India Life Sciences Report” Released at CII Life Sciences Conclave
(The report copy is attached please)
Confederation of Indian Industry (CII) organised its annual flagship Life Sciences Conclave in partnership with the Department of Biotechnology, Ministry of Science and Technology, and Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Govt of India. The Conclave brought together senior policymakers and thought leaders along with Industry to deliberate on enablers that can strengthen and expand the life sciences ecosystem
India aspires to become a 5$ Trillion economy by 2025, Pharma and Biopharma sector alone have the potential to contribute more than $200 Billion. India is known as the “Pharmacy of the World” for its low cost and high quality drugs. India is preparing to achieve a similar status in Biosimilars as well. Therefore, to take “Giant Leap” and be able to achieve ambitious targets, there is a need for stronger collaboration between stakeholders.
CII along with Bain & Company released ‘The India Life Sciences Report’ today that indicates the Life Sciences Industry to be disrupted and transformed by new digital players that are emerging across the value chain (providers, pharmacies, diagnostic centres, etc.). It will witness a rapid growth of digital insurgents. New digital models emerging across the healthcare and life sciences value chain will shift profit pools and patient behaviours. The above study includes an exhaustive survey of over 300 doctors practicing across India to better understand their challenges and strengthen them with new disease management tools and Patient related data.
In her Keynote address, Dr Pallavi Darade, Commissioner FDA Maharashtra said, “Pharma industry should be aligned with the consumer and Government for better future and sustained growth. With largest population India and China are great markets for Indian pharma industry. Indian knows their people and their markets better than anyone in the world. They should hold Indian markets and capture the world’s markets. Initiatives such as Ayushman Bharat is a great opportunity for pharma and bio-pharma industry in India”.
Mr Satish Reddy – Chairman, CII Life Science Conclave 2019 & Chairman Dr. Reddy’s Laboratories Ltd, and a co-author of the report said: “The Indian Life sciences sector exports to over 190 countries across the globe – and is today renowned for not just its affordability but also its high standards of quality. Now, the future beckons – while opportunities abound, we need to keep innovating to retain our competitive edge and stay relevant to the growing demands of the human race. It is time to scale new heights of complexity, quality and affordability.”
In his Special Remarks, Dr Rajesh Jain Chairman, CII National Biotechnology Committee & Managing Director, Panacea Biotech said, “Government focused implementation of Ayushman Bharat while leveraging digital prescriptions can provide insights into the medical profile of Indian patients and accelerate the development of innovative solutions towards unmet medical needs.”
“India has to become healthy even as it moves towards becoming wealthy. This creates huge potential for growth for the Indian life sciences industry. At the same time, the environment is changing rapidly and companies must react promptly to build future-ready business models for access, quality and financial viability. India’s success in delivering healthcare to its citizens will hinge on the doctors at the frontline. Research shows that doctors today are apprehensive about the future as they are challenged with rapid increases in patient volume and complexity, digital turbulence, and cost and quality considerations. Stakeholders must come together to shape the future direction in a way that allows broad-based health improvement while building a sustainable business.” – Mr Parijat Ghosh, Partner ,Bain & Company
CII’s Pharmaceutical and Biotechnology Committee acts as an enabler to foster the growth opportunities in the sector and together work on the various issues with the stakeholders to stay innovation-driven, globally quality-compliant and position India as a biotechnology hub.
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