Pharma ind set for sustained growth in 2024

The convergence of policy thrust, and India’s entrepreneurial vigour will propel the sector’s growth and ensure a consistent supply of quality-assured affordable medicines for patients, both in India and globally -- Sudarshan Jain, Secretary General, IPA

Healthy Doses

• Promotion of R&D
• Approach paper on National Pharma Policy
• G20’s thrust on One Health
• Bulk drug Park & PLI schemes

New Delhi: The domestic pharmaceutical industry expects another year of sustained growth in 2024 amid various challenges, including maintaining quality standards, while moving from volume to value leadership. The industry, known for catering to global markets with affordable generic products, expects to further leverage collaborative efforts, invest in Research & Development (R&D) and uphold quality standards to meet the evolving healthcare needs.

“The convergence of policy thrust, and India’s entrepreneurial vigour will propel the sector’s growth and ensure a consistent supply of quality-assured affordable medicines for patients, both in India and globally,” Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain told.

IPA comprises top domestic pharmaceutical companies, including Sun Pharma, Dr Reddy’s Laboratories, Aurobindo Pharma, Cipla, Lupin and Glenmark. Jain said that this year, the government announced various policy initiatives like the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP), approach paper on National Pharma Policy (NPP) and displayed thrust on ‘One Health’ during the G20 Summit. These initiatives are in continuation of Production Linked Incentive (PLI) 1.0, bulk drug park and PLI 2.0 schemes, and are aimed at self-reliance and making global champions from India, he noted.

The Organisation of Pharmaceutical Producers of India’s (OPPI) Director General Anil Matai said the pharmaceutical sector is poised for sustained growth and innovation in 2024. “Next year, we anticipate a continued partnership between the government and the pharmaceutical industry, driving advancements, fostering innovation, and ultimately contributing to a healthier and more resilient society,” he said. One of the awaited milestones in 2024 is the establishment of the specialised patent benches, Matai said.

OPPI represents research-based pharmaceutical companies in India like AstraZeneca, Johnson & Johnson and Merck. Matai said the dedicated benches will play a crucial role in adjudication of complex scientific and technical issues involved in pharmaceutical patents, fostering a climate conducive to innovation, and ensuring fair competition within the industry.

Addressing the complexity of clinical trial regulations, the industry is hopeful of regulatory support that enables parallel launches in India, he noted. Streamlining these processes will not only expedite market entry but also contribute to a more patient-centric approach, ensuring timely access to innovative and life-changing medicines, he said. “The industry looks forward to the upgradation of Good Manufacturing Practices (GMP) to bring it at par with WHO-GMP that would enable us to reinforce our dedication towards maintaining the highest quality and safety standards,” Matai said.