Over the last two years, there have been significant changes in the way innovative pharmaceutical
companies were perceived by public around the world. Leading the way during the pandemic, global
pharmaceutical companies were able to leverage their existing partnerships with academic
institutions, non-profit organizations, government and regulatory bodies, to bring out lifesaving
solutions to meet the needs of the public in record time. This collaboration on a global scale led to
protecting millions of lives.
India had a very important role to play in this global transition by developing and distributing vaccines
to the world. There also are a few significant gaps that need to be addressed and filled to truly and
rationally enable India deliver the promise of being the ‘Pharmacy to the World’ and probably move
forward in the direction of being a ‘Powerhouse of Research’ in the years to come. The learnings from
the last two years will guide the healthcare, life sciences and the medtech industry on the way forward
for the next 25 years.
Reimagining the drug journey
The supply chain begins with drug discovery, drug approval process and ends with patient treatment. The operational steps required to manufacture and transport the medication to those in need have repetitive steps that are time-consuming and costly. Innovative solutions in the supply chain management process can significantly reduce the cost and time to market. This can be done through:
Focus on Research and Development
India is making significant strides in moving up the value chain towards innovation. Indian Pharma companies spend approx. 8-13% of their total turnover on R&D. This is on a lower side compared to global industry standards of an average of 25% of their revenues owing to constraints such as a gap in harmonization within the regulatory setup, extended approval timelines, limited expertise in conducting, evaluating and inspecting clinical trials, limited infrastructure, and low funding. Additionally, market factors such as price controls and laxity in patent protection also act as deterrents. To further boost R&D in the country, some key enablers can be ensured:
Flexible pricing strategy
In India, different socio-economic segments seek treatment through different channels. Going forward, we need to start discussing offering a well-implemented differential pricing or tiered pricing model as the first step to cater fairly to different patient segments.
An encouraging regulatory environment & policy reforms
A ‘single window system’, eliminating multiple overlapping regulatory bodies & establishing detailed & clear guidelines is paramount to ensuring a vibrant innovation ecosystem. India needs to have a string and clear IP regime to protect innovative drugs against the provision of affordable drugs & faster resolution of legal issues pertaining to patent infringement.
To summarise, the future of Innovative and science-based life science companies looks bright in India as there is enough momentum over the last two years to cover the gaps in meeting the final goal of optimal patient outcomes through their products and services. Innovation will thrive further if we have a holistic eco-system where pharma companies can be incentivised through public procurement to bring life changing innovative solutions to continually elevate standard of care.
The next 25 years will be a testament to the learnings gathered by pharmaceutical companies as they continue to work towards focused and sustainable R&D based solutions that will make healthcare more accessible to the common man.
Written by:
Gagandeep Singh, Country President AstraZeneca India
References
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