India is well-established as the pharmacy of the world. It is the largest provider of generic medicines globally with a 20 percent share and has a 60 percent share in vaccines as well. However, the same cannot be said about R&D and innovation.
The Indian pharma industry has until now not been able to make significant inroads in fields such as discovering new drugs and medical technologies that are accepted and used globally. However, with the generic industry facing headwinds such as fierce price competition, the urgency to make these inroads is fast rising.
Therefore, the next leg of growth is expected to be from R&D and innovation segments. Latest reports indicate that the Indian pharma and medtech industry could grow potentially to $120-$130 billion over the next 10 years, of which innovation is expected to be a key growth driver. In fact, R&D in India is expected to comprise two-third of the global pharma opportunity.
So the big question is where will Indian pharma be in 2030? Will India be an innovation hub or would we have missed the bus? To get answers to all these questions and more, in this edition of The Medicine Box, CNBC-TV18’s Ekta Batra spoke to GV Prasad, co-chairman and MD of Dr Reddy’s Laboratories.
Watch the accompanying video for the full conversation