Condition of the Indian Pharmaceutical Sector:
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The Indian pharmaceutical industry is a world leader in bringing generic drugs to the market in a cost-effective way
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Additionally, many Western pharmaceutical companies have established small-molecule development and manufacturing in India
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More recently, Indian pharma companies have demonstrated the capability to develop biosimilars for global healthcare markets
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These activities are highly valuable, providing essential and established medicines at more affordable prices to people around the world
What lies ahead?
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The future of India will go beyond generics and biosimilars
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There are many attractive features that the existing Indian ecosystem can offer the life sciences industry
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And India will eventually play a critical role in the advancement of innovative medicines
How is India a fertile ground for Medical Innovations?
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Sixty years ago, the total number of physicians in India was less than 50,000; today there has been a 16-fold increase to nearly 800,000 registered medical practitioners
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Public health centres, the foundation of rural healthcare in the country, have increased from less than 100 to more than 23,000
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This explosive growth is fertile ground for thought leaders, investors, regulators and medical centres to collaborate on developing:
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The capabilities to nurture the type of start-up environment that will focus on innovation and
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Better ways of healthcare delivery, with an eye on long-run rather than short-term profitability
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What should be done?
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There are a number of steps that India can take. For example, incentives for start-up biotech firms, and commitment to rigorous global compliance standards that help increase trust in the Indian life sciences industry
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These trends are under way globally, but, in some respects, have yet to be initiated by experts with roots in India
The way forward
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The medical innovations don’t happen in isolation
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They emerge from collaborative networks
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Today, innovation occurs in a global village, not in a single country
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With so much to offer the life sciences, India is poised to become a dominant player
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The potential for this groundswell to materialize is happening today. It’s exciting to be a part of it