New Delhi: The Organisation of Pharmaceutical Producers of India (OPPI), in collaboration with Boston Consulting Group (BCG), unveiled a new report titled “Winning in Indian Healthcare” during the OPPI Annual Summit 2024. Themed “Viksit Bharat @2047 – Transforming India from Pharmacy of the World to Pharma Powerhouse,” the summit brought together industry leaders, scientists, innovators, and policymakers.
Key Insights from the Report:
India’s healthcare sector is on a trajectory of rapid growth, with its pharmaceutical market projected to double from $60 billion to approximately $120 billion by 2030. The report highlights the country’s robust pharmaceutical ecosystem, driven by proactive government initiatives and significant industry collaboration, positioning India as a global hub of innovation and economic resilience.
Global pharmaceutical companies have played a pivotal role in shaping India’s healthcare landscape by introducing innovative technologies, patient support programs, and substantial investments in local capabilities. The report estimates that about 70% of global pharmaceutical firms will experience annual growth exceeding 10% in India over the next five years.
Challenges and Opportunities:
The Indian healthcare market presents unique challenges, including non-uniform payer coverage for specialty drugs, pricing regulations, and disparities in healthcare infrastructure. The report emphasizes the need for global pharmaceutical companies to develop tailored, India-specific strategies. This approach includes adapting product portfolios, refining pricing models, and establishing strategic partnerships to navigate the market’s nuances.
BCG projects that global pharma companies could capture a significant share of the domestic market, estimated at $12 billion by 2030, by aligning with these principles.
Leadership Perspectives:
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Anil Matai, Director General, OPPI, remarked:
“India’s robust pharma ecosystem, supported by visionary government policies, positions the nation as a global pharmaceutical powerhouse. With the market poised to reach $120 billion by 2030, stakeholders must adopt a tailored India-specific strategy to unlock this growth potential and contribute to the ‘Viksit Bharat’ vision.”
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Priyanka Aggarwal, Managing Director & Senior Partner, BCG, highlighted:
“India’s pharma market is at an inflection point, driven by untapped potential, positive regulatory shifts, and proven growth strategies. Global pharma companies are actively investing in India, not only to serve the domestic market but also to strengthen their global presence.”
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Anirudh Tara, Managing Director & Partner, BCG, added:
“Winning in India’s healthcare market requires a deep understanding of local dynamics. Our report outlines eight guiding principles that can help global pharmaceutical companies navigate the opportunities and challenges in this high-growth market.”
About OPPI:
Founded in 1965, the Organisation of Pharmaceutical Producers of India represents research-driven global pharmaceutical companies operating in India. OPPI collaborates with stakeholders to address healthcare challenges and remains committed to advancing the nation’s healthcare objectives, with patient-centric decision-making at its core.
About Boston Consulting Group (BCG):
BCG partners with business and societal leaders to address critical challenges and harness opportunities. Since its establishment in 1963, BCG has been at the forefront of management consulting, providing innovative solutions across industries. The firm emphasizes collaboration, sustainable growth, and transformative societal impact.
For more information, visit the official websites of OPPI and BCG.
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