UNLOCKING POTENTIAL

Experts outline plans of action for capability expansion, reforms and market leadership to step up India Pharma Inc's growth trajectory

A transforming landscapeExperts and influencers reflect on the many milestones achieved by our pharma industry to become ‘Pharmacy of the World’and explore strategies to enable India Pharma Inc embark on its next phase of growthThe future of pharma is expected to be driven by digital transformation Given the recent price control on essential drugs, stringent regulatory requirements and focus on affordable healthcare by the government, managing cost is a big driver for the pharma industry. Recent trends indicate that companies have started collaborating in the value chain, especially in the back end supply chain to drive efficiencies and sustain a profitable growth.

Driving collaboration requires a connected ecosystem and there is thrust towards enhancing digital capabilities in the sector, therefore driving new areas of strength. This is seen to have led to many non-traditional players, especially tech giants participating in the value chain right from drug discovery to drug delivery changes in the healthcare industry are expected to lead to large scale disruptions over the next 15-20 years, especially when moving towards a solution for affordable health for all. For example, care today is retrospective and reactive, and in the future, care is likely to be prospective and predictive, adapting to the needs of the empowered consumer/patient. Consumers will not wait until symptoms force them to go to a physician – in the future, technology and an ‘always on’ environment is expected to provide continuous insight into an individual’s well-being and help in deciding proactively while addressing a potential disease. In this context, today’s biopharma approach is unlikely to sustain 15-20 years down the line – the modern research process is too expensive and time consuming, and treatments typically adopt the one size fits all approach.