Hyderabad: Indian pharma and biotech industry is expected to grow to $100 billion from the current size of about $40 billion, growing at 10 per cent CAGR by 2025, despite the recent Coronavirus outbreak. Indian government is looking at supporting the life sciences industry to thrive by granting patent approvals in a record period of time.
Chairing the CEO Conclave moderated by K T Rama Rao, Minister for Industries and Commerce, Government of Telangana, as a part of BioAsia 2020, Piyush Goyal, Minister for Commerce and Industry, Government of India advocated that the price controls in India worked huge in favour of the people of the country and reiterated that price controls on drugs and medical devices would remain for the benefit of the society. Goyal also assured the industry that he would conduct a meeting during the second week of March to address all the issues pertaining to the industry by meeting the leaders of the industry.
Industry leaders including Dr Vas Narasimhan, CEO, Novartis, Switzerland, Dilip Shanghvi, MD, Sun Pharma, Satish Reddy, chairman, Dr Reddy’s Laboratories, Ajay Piramal, Chairman, Piramal Group and Jan Van Acker, president, Emerging Markets, Human Health, MSD Pharma discussed and deliberated in the CEO Conclave on ‘Playing catchup or preparing to lead?’ of the CEOs, by the CEOs’ in which they focused on being leader in generics, how can India leverage its strengths in generics, vaccines and tech industry to win the race further.
The industry suggested as to where should India place its bet to compete against the likes of China, Israel etc., and what should be India’s long-term sustainability strategy in the evolving geopolitical and regulatory environment etc. Replying to a question being asked by KT Rama Rao, the Union Minister on ‘where does the minister see Indian pharma and biotech industry to grow at a time when India is aiming to become $5 trillion economy by 2025, Piyush Goyal said that the Indian pharma and biotech industry is expected to grow to $100 billion.
KTR highlighted the issues of price controls, withdrawal of incentives and delay and lack of coordination between the State and the central government agencies. Prior to the CEO Conclave, the Genome Valley Excellence Award 2020 has been bestowed to Dr Vas Narasimhan, CEO, Novartis in a ceremony. Followed by this event, Dr Vas has delivered his keynote address on ‘Blockbuster to nichebuster – igniting innovation across healthcare’.
Pharma going through digital transformation: EY
Hyderabad: Executives in most of the companies understand the urgent need to embrace digital. Those that differentially invest in data-centric technologies and change management to accelerate the business impact will be best positioned to reap reward. As organizations plan their digital agendas, it is important to bridge the gap between a technology’s potential and its successful delivery, according to an EY report, “Today for tomorrow: realizing the potential of Life Sciences 4.0”, released at BioAsia 2020. As global pharma’s senior management continue to realise the significance of successful digital investments, they are reorganising to fill a perceived talent gap. Since 2016, about 70 per cent of the top 10 biopharma companies have appointed chief digital officers (CDOs) to their organisations, demonstrating the overall organisation’s commitment to the effort.
Over 60 Artificial Intelligence (AI) algorithms were approved by the US Food & Drug Administration (US FDA) between 2018-2019 for varied applications ranging from imaging to diagnosis and monitoring to treatment. With the increasing focus on personalisation, there is a shift from a one-size-fits-all model of care, where treatments are developed for the entire population, to tailored interventions. This is becoming the reality in the oncology and rare disease space, where individualized cell and gene therapies (ICGT) are manufactured from a patient’s own tissue.
Sriram Shrinivasan, Global Generics and National Health and Lifesciences Leader, EY, says, “Life Sciences 4.0 is all about the ability of the life sciences companies to strategically move from one stage of business maturity to another at the right time and with the right capabilities. Indian companies may be behind their global peers, but they have the advantage of learning from global failures and successes.