India can rule the bio-pharma market with futuristic planning

The biopharmaceutical industry has been experiencing a remarkable surge in growth and transformation across the world. This is driven by advancements in science and technology, increased funding and investment, and a growing demand for novel therapies and treatments. Biologics, with their higher efficacy and lower toxicity than traditional small molecule drugs, have gained significant traction in the market. In 2020, the industry, which was valued at approximately $250 billion, is projected to reach $500 billion by 2026. In India, the biopharmaceutical industry has also witnessed substantial growthn, with an expected CAGR of 15.4 per cent from 2021 to 2026, reaching a market size of $8.6 billion. The country has emerged as a significant player in the global biopharmaceutical industry, with a flourishing biosimilar market and a growing ecosystem of research institutions, startups, and established players. The Centre has introduced various supportive policies and initiatives like the Biotechnology Industry Partnership Programme (BIPP) and Biotechnology Industry Research Assistance Council (BIRAC), to encourage the industry’s growth. As it continues to evolve rapidly, it presents exciting challenges and opportunities for those who seek to explore and commit to it. Additionally, changing lifestyles and increased consumer awareness have amplified the demand for innovative and effective biopharmaceutical products.

The overall Enzymes market was estimated to be $308 million in 2019 with annual growth of even per cent. The probiotics market value stood at $0.9 million in 2021. The market value is expected to reach $1.1 million by 2027 with a CAGR of 20.50 per cent for 2022-2027. The Nutraceuticals market in the country is estimated to be $ 4-5 billion. India is the global leader nutraceuticals. The dietary supplement market in India is valued at $3294.44 million and will reach $ 10,198.57 million by 2026.

The country has established itself as a leading player in the global biopharma market, with a strong foothold in developed and developing countries. Its strengths lie in its cost-competitive manufacturing capabilities, skilled workforce and large pool of scientists and engineers.

However, the future is challenging. The industry faces increased competition from other emerging markets, pricing pressures and regulatory scrutiny. To maintain its leadership position, the Indian biopharma industry will need to be agile and continue to focus on innovation, R&D and improving the quality of its products. From a futuristic angle, we are seeing heavy investments in specialty areas like biosimilars, which have huge growth potential, expansion into new geographies and greater collaboration and partnerships across global industry stakeholders. In addition, digitalization and automation will continue to dominate discussions and investments in the immediate future. It is the reason that the Centre has been actively reforming and restructuring regulations in biopharmaceuticals for Indian companies to compete at a world-class level. However, there is a great necessity to make uniform and relaxed regulations as a single solution rather than struggling with state-level regulations, long and complicated channels for approval of R&D, pre-clinical and clinical trials, and neutral development. The accelerated development in the biopharmaceutical sector requires very clear guidelines and quick approvals. New drug development programs and innovations should be given priority and approval should be given within a few days. Preview and regulatory banned for biopharmaceutical should be separated and needs to be structured separately than like typical pharmaceutical drugs.