As we look ahead to 2024, pharma sector is poised for sustained growth and innovation

Anil Matai, Director General, Organisation of Pharmaceutical Producers of India (OPPI) shares that in 2024, we anticipate a continued partnership between the government and the pharma industry, driving advancements, fostering innovation, and ultimately contributing to a healthier and more resilient society

In 2023, the pharma sector witnessed a dynamic landscape marked by robust government initiatives and a renewed industry focus on innovation, collaboration, and R&D. The Government of India played a pivotal role in shaping the industry’s trajectory, emphasising key aspects that set the tone for the year. The government’s emphasis on recognising and incentivising innovative approaches underscored the industry’s commitment to advancing medical solutions. Collaborative efforts among industry players, research institutions, and academia thrived, contributing to an environment of shared knowledge and expertise. A paramount focus on quality will undoubtedly play a significant role in ensuring the safety and efficacy of pharma products. Announcement of stringent measures and encouragement for adherence to international quality standards underscored the commitment to delivering reliable and high-quality healthcare solutions on the part of the government as well as the sector as a whole.

As we look ahead to 2024, the pharma sector is poised for sustained growth and innovation. The sector is expected to further leverage collaborative efforts, invest in cutting-edge R&D, and uphold the highest standards of quality to meet the evolving healthcare needs of the nation. In 2024, we anticipate a continued partnership between the government and the pharmaceutical industry, driving advancements, fostering innovation, and ultimately contributing to a healthier and more resilient society. One of the awaited milestones in 2024 is the establishment of the Specialised Patent Benches. These dedicated Benches will play a crucial role in adjudication of complex scientific & technical issues involved in pharmaceutical patents, fostering a climate conducive to innovation, and ensuring fair competition within the industry.

Addressing the complexity of clinical trial regulations, the industry is hopeful for regulatory support that enables parallel launches in India. Streamlining these processes will not only expedite market entry but also contribute to a more patient-centric approach, ensuring timely access to innovative and life-changing medicines. Quality remains paramount in our commitment to providing safe and effective pharmaceuticals. The industry looks forward to upgradation of Good Manufacturing Practices (GMP) to bring it at par with WHO-GMP that would enable us to reinforce our dedication towards maintaining the highest quality & safety standards.

The pharma sector remains at the forefront of India’s healthcare landscape, and with the collective efforts of all stakeholders, 2024 holds promise for further elevating the industry’s global standing and steering the industry towards a paradigm shift – from volume to value leadership.”