Pharma industry optimistic about 2022-23 horizon
Hyderabad: Covid has tested and proved the credibility of the Indian pharma industry as one of the core sectors for the nation. The industry rose to the occasion by ramping up research and manufacturing to find solutions for the treatment. Pharma companies are optimistic that normalcy will return in the next one year. Speaking at […]
Hyderabad: Covid has tested and proved the credibility of the Indian pharma industry as one of the core sectors for the nation. The industry rose to the occasion by ramping up research and manufacturing to find solutions for the treatment. Pharma companies are optimistic that normalcy will return in the next one year.
Speaking at CEO Conclave as part of BioAsia on Friday, GV Prasad, co-chairman and MD, Dr Reddy’s Laboratories, said, “During the pandemic, there was a great recognition that the pharma industry is strategic to our nation. We saw a lot of importance given by government leaders to the industry and there was a great collaboration. I hope this continues to create more value for the industry as well as the healthcare system.”
“If you look at the challenges, yes there was certainly a rise in input costs which in the short run cannot be transferred to the patients. But I do see an adjustment going down unless something like the war in Ukraine disrupts supply chains again,” he noted.
Ajay Piramal, chairman, Piramal Group said, “We have to be consistent across the board. The raising of quality standards is absolutely essential. We need to bring in more technology to ensure that the quality is delivered. Global pharma is unforgiving, I think the Chinese market is definitely ahead of us. It takes a longer time for us to bring products to the markets here. So, it will take us some time to reach what China is for the global market today.”
Dilip Shanghvi, MD, Sun Pharma, said he is optimistic that next year the industry will go back to the physical world that it is familiar with. Various measures taken by the government will also further strengthen the industry’s ability to compete globally.
Zydus Cadila CMD Pankaj Patel opined that the pandemic stunted the industry growth. Now that the world is looking for non-China based products, Indian companies have a good opportunity to have their presence felt in the world market.
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