Indian pharmaceutical companies are poised to increase their emphasis on research and innovation in response to rapidly evolving global market dynamics, where nations like Bangladesh and Vietnam are emerging as key players, according to R. Uday Bhaskar, Director General of the Pharmaceuticals Export Promotion Council (Pharmexcil).
Bhaskar highlighted that Bangladesh is excelling in pharmaceutical manufacturing, while Vietnam is becoming a formidable force in the vaccine sector. “This shift highlights the imperative for India to enhance its focus on research and innovation to maintain its competitive edge in the global market,” Bhaskar noted.
As reported by businessline, currently, Indian pharmaceutical companies are investing less in research and innovation compared to their European and American counterparts. To remain competitive, the industry must prioritize the development of biosimilars, biologics, and complex generics.
Bhaskar added, “Government support for research and innovation is also deemed insufficient. Post-covid, many US companies shuttered their manufacturing sites due to unprofitable operations, resulting in drug shortages. There is a growing demand in the US for affordable medications for lifestyle diseases such as diabetes, hypertension, and depression, which India is well-positioned to supply”. In FY24, India’s pharmaceutical exports reached $27.8 billion, achieving a growth rate of 9.66%.
