Pharma & Biopharma have potential to contribute more than $200 Bn in Indian economy

Pharma & Biopharma have potential to contribute more than $200 Bn in Indian economy

Digital Transformations that are likely to result in improved usage of disease management tools, adoption of new sales channels and buying processes will result in $8.5 billion additional drug sales by 2024.

The Report indicates the Life Sciences Industry to be disrupted and transformed by new digital players that are emerging across the value chain (providers, pharmacies, diagnostic centres, etc.). It will witness a rapid growth of digital insurgents. New digital models emerging across the healthcare and life sciences value chain will shift profit pools and patient behaviours. The above study includes an exhaustive survey of over 300 doctors practicing across India to better understand their challenges and strengthen them with new disease management tools and Patient related data.

Report by CII along with Bain & Company.

Confederation of Indian Industry (CII) organised its annual flagship Life Sciences Conclave, on 17th September 2019 in Mumbai in partnership with the Department of Biotechnology, Ministry of Science and Technology, and Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers. The Conclave brought together senior policymakers and decision makers along with Industry to deliberate on enablers that can strengthen and expand the life science ecosystem

India aspires to become a 5$ Trillion economy by 2025, Pharma and Biopharma sector alone have the potential to contribute more than $200 Billion. India is known as the “Pharmacy of the World” for its low cost and high quality drugs. India is preparing to achieve a similar status in Biosimilars as well. Therefore, to take “Giant Leap” and be able to achieve ambitious targets, there is a need for stronger collaboration between stakeholders.

Satish Reddy – Chairman, CII Life Science Conclave 2019 & Chairman Dr. Reddy’s Laboratories Ltd, and a co-author of the report said: “The Indian Life sciences sector exports to over 190 countries across the globe – and is today renowned for not just its affordability but also its high standards of quality. Now, the future beckons – while opportunities abound, we need to keep innovating to retain our competitive edge and stay relevant to the growing demands of the human race. It is time to scale new heights of complexity, quality and affordability.”

{Courtesy: https://mitaanexpress.com/excl-report-released-india-life-sciences-today-cii-life-sciences-summit-mumbai/]