New Delhi: The Indian healthcare sector is experiencing significant growth, with projections indicating that the pharmaceutical market will expand from its current valuation of $60 billion to approximately $120 billion by 2030, as reported by the Organisation of Pharmaceutical Producers of India (OPPI) in partnership with the Boston Consulting Group (BCG).
The summit convened industry leaders, innovators, scientists, and policymakers to explore India's expanding influence in the global healthcare arena.
India is establishing itself not only as a center for global innovation but also as a beacon of economic stability amidst worldwide uncertainties.
Anil Matai, Director General of OPPI, stated, "India's strong pharmaceutical ecosystem, supported by forward-thinking government initiatives, positions the country as a global leader in pharmaceuticals."
International pharmaceutical companies have been instrumental in this evolution, bringing advanced technologies, launching patient-focused programs, and investing in local manufacturing and research and development.
In the next five years, nearly 70 percent of global pharmaceutical firms are anticipated to achieve annual growth rates exceeding 10 percent in India.
Priyanka Aggarwal, Managing Director and Senior Partner at BCG, noted, "The Indian Pharma Market is set to double by 2030, offering substantial opportunities for global pharmaceutical enterprises."
The report highlights the necessity of a customized, India-specific approach for success in this distinctive market. Challenges such as inconsistent payer coverage for specialty medications, intricate pricing structures, and diverse healthcare infrastructures necessitate that companies adjust their product offerings and operational strategies.
Anirudh Tara, Managing Director & Partner at BCG, commented, "Succeeding in India's healthcare market demands a comprehensive understanding of local dynamics, including customized pricing, patient access initiatives, strategic collaborations, and empowering healthcare providers."
Tara stated that the eight principles detailed in this report serve as a guide for global pharmaceutical companies to effectively address the distinct opportunities and challenges present in this rapidly expanding market.
