What pharmaceutical India has accomplished in 2022: What to expect in 2023?

In addition, the Indian pharmaceutical industry placed a high value on research and development. By expanding its R&D ecosystem and increasing pharmaceutical exports, India has emerged as a global medical giant’ in 2022. The COVID-19 pandemic has altered public perception of pharmaceutical research. It has demonstrated the significance of investigating novel therapeutic modalities, conducting complex clinical studies, and cultivating specialised knowledge and abilities to navigate the drug research and development process. 

A greater degree of collaboration between the government and industry was seen this year, with both playing an important role in helping the sector strengthen its position on the global market. A paradigm shift has taken place in the pharmaceutical industry as a result of COVID-19, and the industry and government have become increasingly united, resulting in an increasing sense of collaboration.

In 2022, Despite geopolitical concerns, India continued to supply medicines to over 200 countries, living up to its reputation as the world’s pharmacy. However, as the industry expands its global footprint, it will need to invest continuously in upgrading manufacturing standards in order to keep its promise of being a high-quality, dependable supplier of medicines to the world.

CROs and CMOs have positioned India at the forefront of the global stage for its agility, competence, and quality in supplying efficacious vaccines in large quantities, using COVID-19 as a model. It is critical that Indian pharmaceuticals continue to move upstream, which provides small and large molecule discovery, development, and manufacturing in order to develop the next generation of medicines and materials while creating value for investors.

The pharmaceutical industry has grown tremendously in recent years, and the outlook for 2023 remains positive. The industry is expected to be worth more than $1 trillion by the following year. This is due in part to the thousands of compounds that are currently in the final stages of clinical development, as well as hundreds of new products that are expected to be approved in 2023 and beyond. This concentration of pharmaceutical products is unusual and hasn’t been seen in over a decade.

According to a recent EY FICCI report, the Indian pharmaceutical market is expected to reach $130 billion in value by the end of 2030, as there has been a growing consensus on providing new innovative therapies to patients. Meanwhile, the global market for pharmaceutical products is expected to exceed $1 trillion by 2023.

The advancement of advanced biologics, cell therapies, and gene therapies has the potential to change people’s lives. “India is working to develop a policy framework that includes intellectual property and technology commercialization, government procurement, scientific research, education, and skill development, as well as ease of doing business, regulatory legislation, and tax and financial incentives.” These regulatory changes will allow for additional private-sector investment in pharmaceutical R&D.

Author: Raheel Shah, Director of BDR Pharmaceutics Pvt Limited