India’s domestic pharmaceutical market is estimated at US$ 42 billion in 2021 and likely to reach US$ 65 billion by 2024 and further expand to ~US$ 120-130 billion by 2030. The ‘pharmacy of the world’ holds the potential to alter the quality of life in the world with its large talent pool of researchers, engineers, and doctors. When put to the test under the pandemic, the domestic industry worked closely with the global ecosystem to develop therapies and vaccines to control the spread of the deadly virus. Forecasting the future of the healthcare and pharma industry, Simon Gallagher, General Manager (Interim), Takeda India, said that the same truly global spirit of collaborations and partnerships should guide the future of the pharma industry that can change the healthcare infrastructure of the entire nation.
As the year 2022 unfolds, the industry can be seen realigning efforts towards developing cures and treatments for other diseases.Discourse on prioritizing treatment for rare diseases has gained prominence and is expected to develop further in the forthcoming years.
An emerging focus can be seen towards leveraging data and digital across all levels to understand patient journeys better and simplify the treatment processes. Against traditional medicine, the coming years are expected to witness investments in cell and gene therapies to change the course of acquired human diseases.
Despite numerous upcoming therapies, the past two years have taught us that the key to advancing healthcare in India would remain to make quality care accessible to the underserved communities. The years to come can thus see the pharmaceutical companies working closely with the public sector to bridge infrastructural gaps to enhance timely diagnosis through widespread awareness, collaborating to create a mindset for research, and bringing in innovations to fulfill the healthcare needs.