Organisation of Pharmaceutical Producers of India (OPPI) in partnership with BCG has released a new report, titled "Winning in Indian Healthcare”. The report was launched at the OPPI Annual Summit 2024 with the theme: Viksit Bharat @2047 – Transforming India from Pharmacy of the World to Pharma Powerhouse to the World-a summit with the attendance of industry leaders, innovators, scientists and government officials. India’s pharmaceutical market, currently valued at approximately $60 billion, is projected to double by 2030. The Indian healthcare sector is poised for rapid expansion, driven by a robust pharmaceutical ecosystem. Proactive measures by the government and industry stakeholders have bolstered this growth, positioning India as a global hub of innovation and an economic bright spot amidst global uncertainties. Global pharmaceutical companies have played a pivotal role in transforming the healthcare sector in India. They have introduced innovative technologies, implemented patient support programs, and made significant investments in local capabilities to meet community needs. Approximately 70% of global pharmaceutical companies are expected to achieve annual growth of over 10% in India over the next five years. As India strives to unlock its full potential and move closer to its vision of becoming a "Viksit Bharat" global pharmaceutical companies will be instrumental in driving this progress. However, winning in the Indian market, requires a strategically thought-out India specific strategy that accounts for the market nuances such as non-uniform payer coverage of specialty drugs, pricing schedules and varying levels of healthcare infrastructure. Learnings from other sectors indicate that wining in India requires a long-term commitment, accompanied by an adaptation of portfolio and operating model suited to India. Anil Matai, director general OPPI said "India's robust pharma ecosystem, bolstered by visionary government initiatives, positions the nation as a global pharma powerhouse. With the Indian pharma market poised to reach ~$120 billion by 2030, there lies immense growth potential. A tailored India-specific strategy is essential for stakeholders to unlock this opportunity and align with the country's transformative 'Viksit Bharat' blueprint." Priyanka Aggarwal, managing director and senior partner, BCG, stated that the Indian pharma market is poised to double by 2030, presenting significant opportunities for global pharmaceutical companies. She highlighted that the Indian market is at an inflection point, driven by its vast untapped potential, positive policy and regulatory measures over the past 5-7 years, and an established playbook of success. Global pharma companies have already built sizable businesses and are showing a strong interest in investing in India, both to serve the domestic market and expand globally. Anirudh Tara, managing director & partner, BCG said "Winning in India’s healthcare market requires a deep understanding of local dynamics, from tailored pricing and patient access programs to strategic partnerships and empowering healthcare providers. The eight principles outlined in this report, provide a roadmap for global pharmaceutical companies to navigate the unique opportunities and challenges in this high-growth market."
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