India's Pharma Leaders Set Sight On $450B milestone By 2047: Ernst & Young

In a comprehensive report by leading strategy consultants EY Parthenon in collaboration with the Organisation of Pharmaceutical Producers of India, the trajectory for India's healthcare and pharma sector unveils a compelling roadmap towards a monumental $450 billion milestone by 2047.

This ambitious journey hinges on three pivotal imperatives: transformative innovation, fortifying manufacturing and quality standards, and the pursuit of sustainable and equitable healthcare access.

According to Suresh Subramanian, Partner and National Life Sciences Leader at EY Parthenon India, the sector aspires to hit $130 billion by 2030 and ambitiously aims for $450 billion by 2047.

The report draws on insights from chief experience officers of top pharmaceutical companies globally and in India, outlining strategic priorities that will propel the industry forward.

Key Imperatives for the Pharma and Healthcare Sectors:

1. Value-Driven Research and Innovation:

Establishing a resilient ecosystem fostering collaboration among major pharmaceutical entities, startups, biotechs, academia, and clinical researchers is imperative for value-driven innovation.

While global capability centers contribute significantly, long-term investments and the inherent risk of failure pose challenges to industry innovation.

2. Integration with Global Supply Chain:

To leverage global opportunities and become a crucial part of the global pharma supply chain, industry leaders emphasize advancing manufacturing technologies, embracing automation and digitalization, and committing to quality and sustainable practices.

The report underscores the transformative potential of digital technology, data analytics, and AI/ML in reshaping the R&D value chain.

3. Sustainable and Equitable Healthcare Access:

The report underscores the economic growth potential tied to equitable and sustainable healthcare access, emphasizing the necessity for programs addressing prevalent non-communicable diseases. Empowering patients and healthcare providers throughout their healthcare journey is identified as a key focus area.

Industry leaders highlight critical success factors, including culture, capability development, business alignment, and robust governance, to maximize returns on investment from advanced technology integration.

Building credibility and quality necessitates a shift in mindset, capability building, technology adoption, and policy intervention, according to CXOs.

As India's healthcare and pharma sector embarks on this transformative journey, strategic alignment with these imperatives becomes paramount, positioning the industry as a global powerhouse for innovation, supply chain resilience, and accessible healthcare solutions.

The road ahead holds promise, and with strategic interventions, the $450 billion milestone by 2047 seems well within reach.