Narayana Rao, Vice President of Biopharma, Asia Pacific Middle-East Africa, Avantor
What are your insights into the current state of biopharmaceutical R&D?
The global biopharma market has been and continues to be one of the fastest-growing sectors in the healthcare industry. According to Fortune Business Insights, the global biopharmaceutical Contract Manufacturing Organisations (CMO) market is projected to reach $26.49 billion in 2028 with a compound annual growth rate (CAGR) of 12.6 per cent in the 2021- 2028 period.
In parallel with the evolution of the industry is the growth of the cell and gene therapy (CGT) platform as an avenue of innovation. The emergence and evolution of precision medicine today offers hope for treating previously incurable life-threatening diseases such as cancer. Moreover, the rising prevalence of chronic disorders coupled with an ageing population is expected to fuel the growth of the CGT market to almost $15.5 billion by 2025, further doubling to nearly $34 billion by 2030. This trend suggests that these pharmaceutical companies are increasing their research and development (R&D) efficiencies through persistent investments as well as collaborative research efforts, with hopes to see greater returns on their investment in the long run. The increase in pharmaceutical R&D has resulted in a sharp increase in the number of cell and gene therapy candidates under development. This has made it necessary to outsource manufacturing services to develop cost-effective and efficient cell and gene therapies, while emphasising new biomanufacturing innovations.
Denne historien er fra BioSpectrum Asia August 2022-utgaven av BioSpectrum Asia.
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Denne historien er fra BioSpectrum Asia August 2022-utgaven av BioSpectrum Asia.
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