Indian Pharmaceutical Industry
The Indian pharmaceutical sector witnessed considerable growth following the COVID-19 crisis. In fact, India’s active pharmaceutical ingredients market (API) was forecasted to clock revenue of $6 billion by the end of 2020.
Such a rapidly growing sector is expected to witness catalytic development of newer trends in 2021, like artificial intelligence, big data and analytics, NLP (natural language processing), Internet of Things, blockchain, and other Industry 4.0 technologies. Consequently, increasing investments, establishment of technology startups and a rise in inter-organizational collaborations are driving innovations in the Indian pharma industry.
Backed by these class-leading trends, the pharma sector in India is expected to reach a valuation of $130 billion by 2030, thereby making India the perfect playground for business expansion.
Also, India’s medical devices industry has the potential to grow at the rate of 28% per year, clocking $50 billion by 2025.
Pharmaceutical consulting firms, thus, can play a major role in successful business expansion by extending high-impact strategies and comprehensive management support.
3 New Trends to Reset the Pharmaceutical Industry Outlook 2021
The Indian pharmaceutical industry has successfully maintained a superb growth trajectory of 12% over the past 20 years. It shouldn’t come as a surprise to you that India is the largest provider of generic drugs in the world and caters to approximately 50% of the global demand for several vaccine formulations.
Take a quick look at what’s going to amplify this sector in 2021.
Big Data and Analytics
Big data and analytics are some of the major trends that are being increasingly implemented in the global pharmaceutical sectors. It enables faster data processing and provides access to data-driven insights for more focused business outcomes.
In recent times, the drug approval rate in the Indian pharmaceutical industry is swift, and in fact, happens within 6 months of producing API, due to the increased demand for healthcare solutions. This, in turn, puts pressure back on the innovation cycle.
All these factors collectively demand that data insights about drug development, clinical trials, approvals and applications are made available instantly. Big data and analytics, in this regard, can transform the pharma and healthcare business dynamics in India. As such, these analytics techniques can be used on almost all forms of medical data ranging from patient records and medical imaging to hospital data.
AI-driven technologies like Natural Language Processing (NLP), machine learning and Internet of Things are being harnessed in the pharmaceutical sector rapidly to regulate the un-structured text-based data, like EHRs, patient forums etc., for future insights and commercial advantages. AI is also slated to upgrade drug development and research by optimizing manufacturing, marketing and post-launch strategies.
In fact, it is estimated that expenditure on AI-related tools can exceed $8 billion annually by 2022 across several healthcare segments.
Rapid adoption of AI in the pharma industry has also created the need for a skilled workforce, proficient in cloud computing, machine learning, robotic process automation (RPA), etc. Setting up a pharmaceutical company in India, therefore, makes it imperative to recruit skilled personnel, and this is where Tecnova, a leading pharmaceutical consulting firm, can help you out.
It covers end-to-end HR recruitment and workforce organizing solutions for prospective pharma companies willing to set foot in the Indian market to ensure systematic and stable growth.
India is expected to clock the highest growth in the digital therapeutics market in Asia-Pacific, at a CAGR of 26.1% by 2027. These non-pharmacological tech-driven solutions deliver evidence-based therapeutic interventions with the use of software.
Advanced digital therapeutics in 2021 will facilitate remote patient monitoring, allowing physicians to access a continuous clinical oversight of patients. These will also help to alert clinicians of any emergency clinical decompensation due to dosage or other health issues.
In recent times, the Indian government has introduced several reforms and also set up the National Digital Health Authority (NDHA) to facilitate the growth of digital healthcare. Tecnova, one of the leading pharma regulatory consultants in India, closely takes care of all the necessary regulatory approvals, compliances and registration essentials for any firm willing to expand in India to establish a winning presence.
Key Government Regulations boosting the Indian Pharmaceutial Sector
As per reports published by the Federation of Indian Chamber of Commerce and Industries (FICCI), the Indian pharma industry meets approximately 62% of the global demands for vaccines, 40% of the generic medicine demands in the US and 25% of all medicinal requirements in the United Kingdom. The Indian government also initiated a 100% Foreign direct investment (FDI) in 2020 under the Automatic Route for greenfield investments. Additionally, the 2020 Production-Linked Incentive (PLI) scheme of $2.04 billion for the pharmaceutical sector has acted as a great boost for foreign brands and new startups willing to expand in India.
However, there are several regulatory and licensing requirements that must be fulfilled to set up a pharma business in India, like Form 41, Form 10, Form MD14, MD15, etc. Experienced pharma regulatory consultants in India can deal with all these India-centric regulatory policies to help foreign investors establish their business without any hassle.
Further, market access, a critical component of the regional, national and local health care environment, determines the ability to manage the remunerative and sustainable costs. To this end, a reliable pharmaceutical consulting team can ensure that companies increase their customer value and sustainability both at the operational and strategic levels.
Tecnova, one of the most experienced pharma regulatory consultants in India, extends comprehensive services in areas like:
- Expansion and growth advisory
- Partner research
- Company incorporation and regulatory compliances
- India sourcing and business development
- Complete administrative and IT support
With groundbreaking and revitalized trends, like artificial intelligence, precision medicine and data analytics, the pharmaceutical sector is promising new dynamics in and beyond 2021. However, the diverse regulatory requirements and pressure to unblock pharma bottlenecks have also created the need for reliable pharmaceutical consulting firms.