Parthenon (EY-P), the leading strategy consulting firm, in partnership with the Organisation of Pharmaceutical Producers of India (OPPI), launched a report titled ‘Reimagining pharma and healthcare for India@100 to navigate the industry’s journey towards excellence over the next two decades.
It explores the sector’s growth potential on the back of three pivotal imperatives –transformative innovation, fortification of manufacturing and quality standards, and pursuit of sustainable and equitable healthcare.
Between September and October 2023, EY-P and OPPI undertook primary research consulting top CXOs from leading Indian and global multinational pharmaceutical companies, to gain insights into the strategic priorities that will pave the way forward for the industry.
Key imperatives to achieving the pharmaceutical and healthcare ambition for India@100:
1. Unleashing pharma’s value-driven research and innovation potential: In the CXO interactions, leaders acknowledged the need for substantial investments over an extended gestation period, coupled with high risk of failure, emerged as the foremost barriers impeding the industry’s advancement in the realm of innovation. Additionally, Global Capability Centers (GCCs) are also making substantial contributions to the country’s innovation ecosystem by fostering talent and skill development throughout the value chain, especially in intricate and strategic domains.
2. Becoming an integral part of the futuristic global pharma supply chain: During the research, industry leaders highlighted the following three areas of focus for the Indian industry to be able to leverage these opportunities and become an integral part of the global pharma supply chain i.e., advancement of manufacturing technologies with a specific focus on automation and digitalization, building credibility in the global market with a commitment to quality, embracing sustainable practices.
3. Achieving sustainable and equitable healthcare access for all: Lastly the report emphasizes achieving equitable and sustainable healthcare access as a must for a country to achieve economic growth. Being the world’s second most populous country, India faces unique opportunities and challenges in the healthcare space.
Other key findings
- Pharmaceutical industry leaders highlighted culture, capability development, business alignment, and robust governance as critical success factors for maximizing the Return on Investment (RoI) derived from the integration of advanced technologies.
- Indian pharmaceutical companies are proactively adopting a blend of strategies to ensure regulatory compliance and attain high-quality standards.
- CXOs suggested that to build credibility and quality, there is a need for a shift in mindset, capability building, technology adoption and policy intervention.
The report was published by EY the full report can be read by clicking here.
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