vriddhi 2024: The Indian pharma industry comes together to deliberate on glorious future

vriddhi 2024, Indian Drug Manufacturers’ Association (IDMA) 62nd Annual day celebrations, was organised on February 23-24, 2024 at FLAME University, the philanthropic venture of ENAM holdings in Pune, in partnership with Bain & Company.

In the aftermath of vriddhi 2024, as dust settles and fervour dissipates, one thing remains abundantly clear–journey towards values-based leadership is perpetual and pursuit of innovation unending. A convergence of industry stalwarts, astute senior professionals, revered government leaders, and savvy investors, vriddhi 2024 emerged not just as a stupendous success but as a beacon illuminating India’s growth story in the global pharma industry. The resonance of vriddhi 2024 reverberated far beyond confines of the majestic Shantiniketan auditorium; vriddhi 2024 echoed the essence of India’s pharma prowess, its relentless pursuit of excellence, and its unwavering commitment to innovation whilst serving billions of patients and consumers with high-quality affordable medicines. The event had participation of more than 420 delegates, ~50 leaders from private and public sector, and drew patronage of more than 30 companies.

Dr Viranchi Shah, National President of IDMA has firmly led association with his marvellous statesmanship to pinnacles of successes; his self-effacing candour and extraordinary ability to garner resources for shared prosperity amplified success of the event. Daara Patel, Secretary General of IDMA, with his chivalrous demeanour was earnest to draw participation from all stakeholders. It was for the first time in the industry’s history, such a mega-scale event, saw enthusiastic and active collaboration from not only leading pharmaceutical companies and strategic partners, but from other prominent industry associations as well, like Indian Pharmaceutical Alliance (IPA), Organisation of Pharmaceutical Producers of India (OPPI), and Indian Pharma Machinery Manufacturers’ Association (IPMMA).

Dr Vinod Paul (NITI Aayog), Kamlesh Kumar Pant (NPPA), Ranga Chandrashekar (Drug Controller of India), and Dr Sarah McMullen (US FDA) marked their noble presence and offered sharp perspectives. Many distinguished leaders from the industry were generous with their time and insights: Dilip Shanghvi (Sun Pharma), Vallabh Bhanshali (ENAM), Samir Mehta (Torrent), Dr Dishan Kamdar (FLAME), Janmejaya Sinha (BCG), Dr Amit Varma (Quadria Capital), Sudarshan Jain (IPA), Amit Bakshi (Eris Lifesciences), Dr Viranchi Shah (IDMA), Sudhir Vaid (Concord Biotech), Bharat Reddy (MSN Laboratories), MV Ramana (Dr. Reddy’s), Parijat Ghosh (Bain & Company), Nirav Mehta (Corona Remedies), Kabir Thakur (Creador), Vikas Gupta (Alkem), Nikhil Chopra (JB Pharma), Arunava Saha Dalal (Bain & Company), Sourav Mallik (Kotak Investment Banking), Sriram Shrinivasan (Bain & Company), Rajesh Vedak (Korber Pharma), Christian Wölbeling (Korber Pharma), and Kirti Ganorkar (Sun Pharma).

Our beloved industry has achieved remarkable growth over the years, earning the country the title of the “Pharmacy of the World”. The Indian pharma industry is poised for substantial growth in the coming decade, presenting abundant opportunities. We are, at the same time, confronting several challenges that require strategic interventions and collaboration. Strategy, investing, and leadership for values-based growth were the pillars upon which the event stood, guiding participants through a labyrinth of opportunities and challenges. From dissecting market trends to envisioning future in near (2030) and long-term (2047), vriddhi 2024 provided a platform for everyone to engage, collaborate, and chart a course towards sustainable growth. Currently valued at $50 billion, the industry is divided equally between export and domestic markets. The industry consensus is that we are set to achieve a compound annual growth rate (CAGR) of 10 per cent until 2047, reaching a staggering $500 billion. Over the next 5-10 years, it is anticipated to reach $73 billion and $120 billion, respectively.

One cannot undermine the pivotal role of strategy in navigating the complexities of the pharma industry. vriddhi 2024 delved deep into the intricacies of strategic planning, unveiling insights that would shape the trajectory of businesses in the years to come with special focus on emerging markets, raising private and public equity, digitalisation, quality reforms, and macroeconomic trends. Through interactive sessions and thought-provoking keynotes, industry luminaries shared their experiences, unveiling the art of strategic foresight and the science of agility. As the pharma landscape evolves at an unprecedented pace, vriddhi 2024 provided participants with insights to anticipate change, capitalize on opportunities, and mitigate risks effectively. vriddhi 2024 celebrated leadership in its myriad forms–from boardrooms to laboratories, and from corner offices to factory floors. Through panel discussions and fireside chats, leaders imparted wisdom honed through years of their experience, emphasizing the importance of ethical leadership, quality culture, and talent development. As our industry grapples with dynamic shifts and disruptive innovations, vriddhi 2024 underscored the imperative for leaders to foster a culture of innovation, to empower their teams, and lead with values.

With a rich legacy of scientific ingenuity and a burgeoning ecosystem of talent and infrastructure, India has emerged as a formidable player in the pharma value chain. Strategy alone is not enough to drive growth and prosperity. It must be coupled with robust investment in research and development.

From policymakers to investors, scientists to business leaders, each have a role to play in shaping the future of the industry – and by extension, the future of India itself. Collaboration was also a key focus at vriddhi 2024, as participants explored opportunities for partnership, and investment in India’s pharmaceutical ecosystem. With its rich pool of scientific talent, world-class research institutions, and supportive regulatory environment, India is also poised to emerge as a hub for pharma innovation and investment. From generic manufacturing to cutting-edge research, from affordable healthcare to groundbreaking drug discoveries, the Indian pharma industry will gear to carve a niche for itself on the world stage.

I was personally humbled for the good fortune of hosting a fireside chat with Vallabh Bhanshali (Chairman, ENAM). Vallabhbhai reinforced on inculcating purpose-based leadership and developing strong value systems that endure tests of time. He elucidated significance of trust in relationships and leading by example and treating all stakeholders like customers – with dignity, empathy, and respect.

As participants dispersed, armed with newfound knowledge, and renewed inspiration, the echoes of vriddhi 2024 resonate as a clarion call for collective action, for industry-wide collaboration, and for a shared commitment to advancing high quality affordable healthcare for all. It reminded that together we can co-create greater success and spectacular growth for the industry as a whole and ourselves.

We are excited in anticipation for unveiling of a captivating coffee table book or event report of vriddhi 2024 in May 2024. People eagerly await to delve into the pages, reliving the energy and wisdom of this super successful event. With promise of encapsulating key takeaways and insights, this upcoming publication is poised to be a treasure trove for those seeking to glean inspiration and knowledge from groundbreaking discussions and achievements of vriddhi 2024. Stay tuned for an immersive journey through innovation and growth!

In the final analysis, the success of vriddhi 2024 serves as a powerful reminder of what can be achieved when strategy, investing, and leadership converge. It is a testament to the resilience and dynamism of India’s pharma industry, and a harbinger of even greater achievements to come. As the world looks to India for leadership in the 21st century, events like vriddhi 2024 stand as beacons of hope and inspiration, lighting the way forward towards a brighter, healthier future for all.

Jai Hind.

(The author was the chairman of vriddhi 2024. Views expressed here are personal)