It is imperative that India reevaluates its current role within the global life sciences industry. It must explore possibilities to consolidate and strengthen its position considering geopolitical and economic shifts. It must attain self-sufficiency as a globally competitive pharmaceutical industry with innovation as a guiding principle for future growth. As the Indian life sciences industry develops its future growth strategy, it is the right time to assess our current position globally and identify key focus areas. EY report in collaboration with BioAsia explores the industry's current and future potential and aims to identify areas where we need to 'Move the Needle' immediately. It captures unique insights of EY Life sciences industry leaders on key priorities of how the industry could prepare for new realities in post pandemic world. It aims to drive understanding of the changing care needs of patients / consumers by building collaborative solutions encompassing industry stakeholders across the value chain.
Speaking at the event:
Sriram Shrinivasan, Global Generics and National Health and Lifesciences Leader, EY, says: "India needs to adopt a 'moonshot' approach to develop and launch innovative drugs. We need to take a target on the number of new chemical and biological entities we need to launch in the next 10 years and go after creating the enabling ecosystem for it. Once an enabling ecosystem is in place, it will create a virtuous cycle and this sector would be more than self-sufficient. Lot of venture funds would automatically come in and a thriving environment would be created. India also needs to leverage its twin strengths in IT and BioTech to create a differentiated proposition and compete in the world."
Kaivaan Movdawalla, Partner, Healthcare, EY India, says: "It is this data which will be the bedrock of the health system that will revolutionise advancement of products, techniques, diagnosis and therapies for providers, med tech and pharma players and aid public health / epidemiological planning. The power of data that can be unleashed by digital capabilities is unimaginable which can be consolidated, analysed and leveraged for better /sharper intelligence and insights for research and development.
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