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Bangalore Chamber of Industry and Commerce (BCIC) has emphasized India's potential to become the global pharmacy and laboratory. India is already a leading supplier of generic medicines, accounting for a significant share of global pharmaceutical production.
At the recent annual BCIC Leadership Summit 2024 held here brought together industry leaders to discuss the critical challenges and opportunities shaping the business landscape. The summit featured a series of insightful sessions that explored topics such as leadership in the biopharmaceutical industry among others.
Vineet Verma, president, BCIC, said “The platform for leaders to connect, learn, and inspire would contribute to driving innovation, sustainability, and human-centric leadership in the business world.”
The summit underscored the need to enhance manufacturing capabilities and innovation in drug development. Overall, the summit painted a promising picture of India as a pivotal player in the global healthcare landscape, urging stakeholders to collaborate and invest in this vision.
Peter Bains, Group CEO, corporate, Biocon, said, "The global biotech sector is currently valued at US$ 1.4 trillion and is expected to grow to US$ 2.4 trillion with a CAGR of 5% to 6% by 2028. India represents about a quarter of the global biopharmaceutical market. The size and shape of the market are driven by demographics and aging populations. India is known as the pharmacy of the world, currently supplying 80% of the world’s generic pharmaceuticals. Going forward, India’s journey in biopharma is to move up the innovation curve.
There is tremendous potential for India to transition from being the pharmacy of the world to becoming both the pharmacy and laboratory of the world. Over the next 10 to 20 years, India can become a major centre for innovative new medicines. There's a significant array of government support aimed at connecting the private sector, the academic sector, and the government to further propel India forward. AI and machine learning have a substantial role to play in the vast scope of biology, where the numbers game is extremely important. Biology is extraordinarily complex, and the application of tools like AI and machine learning will enable both speed and accuracy, noted Bains.
Dr. Sanjeev Kumar Gupta, CEO Karnataka Digital Economy Mission said “Innovative leadership involves fostering a culture of continuous improvement. Some of the driving factors that are pushing innovation leadership include AI and ML, cloud computing, quantum computing and sustainability technologies. Karnataka is leading in embracing these driving forces with 60% of AI startups coming from Karnataka. The second largest AI talent pool is here embracing technology across MedTech among other sectors.
Meena Ganesh, co-founder & chairperson, Portea Medical said that the immense digital penetration in the country provides a huge opportunity to reimagine various businesses. “There is no longer one bottom-line but rather a triple bottom-line: you need to be profitable, sustainable and you need to have an impact. We need to create businesses that are extraordinarily transformative. For this, one needs to first identify a space which is big enough and meaningful that is in accordance with one’s strengths, and will customers be willing to pay for it. There are a lot more expectations from startups today in terms of profitability and in order to succeed authentic leadership, willingness, perseverance and resilience is an absolute must in terms of leadership qualities.
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