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Positioning India as a Pharmaceutical Innovation Hub
September 2024
India's pharmaceutical industry is poised to become a global innovation hub by addressing global health challenges and creating a sustainable impact on healthcare landscapes worldwide with reviving its research and development, robust industry-academia collaborations, digital technologies in play and ongoing regulatory reforms.
Despite this promising growth trajectory, the following crucial levers of change must be addressed to realise its potential over the coming years:
- Pharma R&D innovation - India's pharmaceutical R&D landscape is evolving rapidly, with a focus on developing new therapies and conducting more clinical trials while facing challenges of limited funding and infrastructure. There is also significant potential for growth in areas like gene therapy, cell and tissue therapy, and drug delivery systems.
- Digital innovation - Digital technologies like AI and data science are revolutionising drug discovery and development in India. Collaborations between Indian and global companies are driving innovation in this area, but challenges include limited funding, lack of specialised skills, and concerns about data privacy and cybersecurity.
- Talent pool and industry-academia collaboration - India has a growing talent pool in pharmaceutical research and development, but is prone to limitations of shortage in specialised skills
- Regulatory and policy reform - The government has implemented several initiatives to streamline regulatory processes and incentivize R&D but faces challenges in strengthening intellectual property protection, addressing infrastructure and funding gaps, and enhancing global collaboration and compliance.
Positioning India as a hub for pharmaceutical research and development requires a multi-pronged approach involving the government, private sector and academia focusing on:
- Research grants, financial incentives and funding support to both institutions and private CROs
- Investments in modern research infrastructure, including shared laboratories, advanced equipment, and drug discovery facilities
- Alignment of pharmaceutical curriculum with industry specific requirements emphasising AI and data science to leverage the digital innovation happening in the sector
- Further updation and strengthening of India’s regulatory and policy framework to align with international standards