Indian Pharma Industry Could Have it All
The Pharma industry is at an interesting juncture. If India plays its cards right, it can turn this sudden change of tides into an opportunity, and bring about a radical change in the way the healthcare ecosystem functions in the country. To be put in some context, a NASSCOM report says that the Indian healthcare ecosystem suffers an annual productivity loss of Rs.60,000+ billion due to our poor healthcare infrastructure. Remember, India is the largest provider of generic drugs globally. According to IBEF, the Indian pharmaceutical sector satisfies over 50 percent of global demand for various vaccines, 40 percent of generic demand in the US, and 25 percent of all medicine in the. Now let’s look within the country. Ironically, over the last four years, India Inc. spent around $1.7 billion on healthcare, but 80 percent of Social Healthcare Projects were stuck on bureaucratic red tapes. It’s a ridiculous statistic.
There is no better way to relieve the country from this predicament than leveraging the technology and in turn reducing the time-to-market for Pharma & Life Sciences organizations and the expenses for healthcare providers at large. As per another NASSCOM report, 60 percent of the NGOs in the country are manifesting an ideal example by exploring innovative tech solutions for rural healthcare, impacting cost of care. The Indian Pharma and Life Sciences industry is also, however, starting to wake up to this disruptive trend by adopting AI & loT, leveraging the power of big data & analytics, and engaging other innovative approaches. It’s a great omen. Going forward, the Indian pharmaceutical sector is expected to hit $ 100 billion by 2025.
For instance, let’s take the case of Biotechnology research. The scholars usually spend nearly half of their project time on run-of-the-mill preparation activities like cloning. The indigenous organizations like e-nnovation Biodiscovery Pvt Ltd help them expedite this process by facilitating them with certified ready-made clones; the amount of time is saved in the process is priceless. Let’s hear from the man at the helm of e-nnovation.
“In terms of Biotechnology research, the scholars traditionally spend more than 40 percent of their time on preparation, including cloning etc. In addition to the delay itself, one of the predominant drawbacks of this approach is that the gene often undergoes mutation by the time they start research. We, at e-nnovation, started this venture by leveraging the advantage of certified ready-made clones that expedites preparation and enables scholars to move to the next step almost instantly. This makes teams focus on actual research and thus produce quality results at an impressive turnaround time,” asserts Anuj Singh, Founder & Director, e-nnovation Life Sciences.
The industrialists predict that the pharmaceutical and life sciences analytics industries will be on top of the investment lists in 2021