A team of us have just got back from a whistle stop trip to Mumbai where we held a fascinating workshop with the country’s top pharma companies to identify the challenges ahead for this booming business sector within India.
Many think of India’s pharmaceutical industry as synonymous with low cost generic drugs – the type of thing you pick up at your local supermarket or pharmacist in pill-form that’s a tenth of the price of the branded equivalent. However, it’s worth remembering that India already ranks amongst the top five global drug producers by production volume, and in just over 30 years has seen turnover grow from $300 million to over $22 billion today, with the prediction that it will be worth twice that by the end of the decade.
And whilst this business has – and continues to serve – them well, the world is changing. So we asked the question “what next and where will this growth come from?”.
The full report from the workshop, entitled ‘India: driving world pharmaceuticals by 2030?’ runs to almost ten pages, but perhaps one of the most surprising conclusions is that this industry has already identified the need to adopt innovative technology to differentiate their products and make them even more competitive on the global stage. By combining high quality generic drug with innovative drug delivery devices, they can avoid price erosion in international markets, whilst continuing to capitalise on the huge opportunity that grows each day in their domestic market.
Maybe it’s this enlightened thinking that already has our drug delivery practice, part of our wider medical technology division, busy. With several clients in this part of the world already seeing the value that technology can bring, we have strong expectations that this level of interest will only grow.
To request your copy of the report, free of charge, click here and scroll to the bottom of the press release