In line with its commitment to empowering the Indian small businesses and pharmaceutical sector, MODIFI, a global FinTech platform specialising in B2B financing and payment solutions, unveiled and showcased its growth-boosting solutions for small and medium-sized pharma enterprises at the 73rd Indian Pharmaceutical Congress (IPC) Expo 2024 being held in Hyderabad currently.
“MODIFI’s participation aligns with the national ‘Make in India’ initiative, aiming to equip pharma SMEs with the digital financial tools they need to optimise cash flow and accelerate their growth trajectory,” the statement informs.
The Indian pharma industry is one of the largest in the world, ranking third in terms of volume and 14 in terms of value. With a well-established infrastructure and robust capabilities in drug manufacturing, India supplies over 50 per cent of global demand for various vaccines and is a major exporter of generic medicines.
The industry is expected to grow to USD 65 billion by the end of 2024 and USD 130 billion by 2030, and India plays a crucial role as a leading player in the global pharmaceutical industry, with more than 3,000 pharmaceutical companies and a network of over 10,500 manufacturing facilities. However, much like other Small businesses, pharma SMEs face challenges in navigating traditional cross-border payment and financing methods, which are often cumbersome, costly, and opaque. These conventional systems tend to favour larger corporations, leaving pharma SMEs in need of more efficient and tailored solutions.
“MODIFI aims to revolutionise the Indian pharmaceutical SME landscape through its innovative digital finance solutions. With a focus on overcoming traditional finance challenges like long credit cycles, MODIFI offers secure, flexible, and lightning-fast financial services that includes collateral-free finance, high credit limits, and non-recourse payments. MODIFI offers digital finance solutions to overcome financial constraints and chargeback delays, which inturn helps in expanding their market reach, and achieve sustainable growth by offering a comprehensive array of services, including business payments and trade finance,” the statement adds.