The report is based on a research collaboration with McKinsey & Company and takes inputs from the IPA members and industry leaders
The Indian Pharmaceutical Alliance (IPA) recently released a report on ‘Vision 2030’ that “defines the growth and aspiration for the Indian pharmaceutical industry, discusses the challenges and opportunities, and outlines the actions needed to achieve Vision 2030”, according to a press release issued by the IPA. The report is based on a research collaboration with McKinsey & Company and takes inputs from the IPA members and industry leaders.
The IPA presented four goals for Vision 2030, achieving which will help the Indian pharmaceutical industry improve its global market share to 7 per cent from the current 3.6 per cent by value. It will also mean the Indian pharmaceutical market will break into the top five markets in the world from its current ranking of 11th, by value.
According to IPA, the industry is well-placed to achieve these goals if it can successfully capitalize on opportunities such as capitalising on state-sponsored health coverage programs like the Ayushman Bharat Yojana, spurring innovation in newer product classes such as biosimilars, gene therapy and speciality drugs, capturing on opportunities from the upcoming patent cliff, etc.
Sudarshan Jain, Secretary General, IPA, commented, “The Indian pharmaceutical industry is entering its next phase of growth. At this critical juncture, there is a need for stronger collaboration between pharma companies, the government and regulatory agencies. Concerted efforts by the pharmaceutical companies and government’s intervention in the form of enabling policies and a supportive ecosystem can help the industry achieve Vision 2030.”
The report also cited ways in which the government can enable to achieve these targets. Some of the challenges impacting the Indian pharmaceutical industry include dependence on external markets for intermediates and APIs, lack of stable pricing policy environment, slow growth in innovation with limited government-supported research ecosystem, competitive environment in the US generics market and greater scrutiny from regulators, it stated.
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