![]() ![]() ![]() The R&D and clinical trials in the Indian pharma industry are traditionally risk-averse as they face several obstacles that may stifle innovation, such as a convoluted approval process, sketchy guidelines for new drug development, and underpowered and understaffed regulatory bodies. While the PLI scheme will largely help us grow bigger by volume, the eagerly awaited RLI is expected to improve our capacity to innovate and shift from being a low-value high-volume to a high-value high-volume player in the global pharma market. The government’s PLI scheme is designed to boost API production and research, and in the long run, can address the concerns of drug security of the rest of the world, currently largely dependent on Chinese supplies. We must become self-sufficient and competitive in KSMs and APIs to boost the growth of this sector. Our industry is largely reliant on the import of patented drugs and critical raw materials like Key Starting Materials (KSMs) and Active Pharmaceutical Ingredients (APIs). SYNERGY HALF LIFE SOURCE UPGRADEMany of the larger companies have already increased their investments in innovative drug development and may be boosted further by the government’s policies that incentivize their efforts through schemes like production-linked incentives (PLI) and the upcoming research-linked incentive (RLI).Įven the small and medium-sized pharma companies can now upgrade their facilities to global manufacturing standards and unlock their innovation potential supported by government schemes aiding technology upgradation, setting up of common research facilities, and effluent treatment plants in pharma clusters. The Indian pharma industry is strongly positioned in terms of production capacity and is also committed to growth. To move up the value chain and get into the top 10 by 2030, we must focus on pharma innovation, which accounts for 2/3rd of the global pharma market value, developing an innovation-based pipeline of next-generation drugs and solutions to address the unmet needs of patients of India and the rest of the world. However, in terms of value, we rank 14th. This makes us a clear leader in the generics market. Indian pharma industry currently ranks third in terms of pharmaceutical production by volume. ![]()
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