The Indian pharma industry is set to benefit from the increasing push by global biggies to diversify their supply chain beyond China, but must step up its game to capitalize on the opportunities.
It was a message that came out of the CEO Conclave at BioAsia 2022 on Friday. Participating in the discussion on ‘Moving the value chain for the next wave of growth/leading into a resilient future’, GV Prasad, Co-Chairman and MD, Dr Reddy’s Laboratories said that to benefit from the trend “we must “Better than sugar… [they are] Formidable, competitive and massive go-to experience. ,
Agreeing with them, Ajay Piramal, Chairman, Piramal Group said that seeing India as a second source which is also reliable, the need is to stay consistent, raise quality standards and deploy more technology. “Global pharma is forgiving… the Chinese market is definitely ahead of us. It takes us longer to bring products to the markets here. Thus, it will take us some time to reach what China is to the global market today. It will take, ”he said.
Pankaj Patel, CMD, Zydus Cadila said that with the world looking for non-China based products, Indian companies have a good opportunity to make their presence felt in the world market.
Since those interested in pursuing the China+1 strategy will also focus on cost and quality, “some of our regulatory processes need to be modified to significantly improve our response times. If we are to become a massive global player, If we want, we have to be better than the current best,” said Dilip Shanghvi, MD, Sun Pharma.
On the challenges being faced by the Indian pharma industry, Mr Prasad said that the increase in input cost is one reason which cannot be passed on to the patients and the healthcare system in the short term. “But unless something like the war in Ukraine disrupts the global supply chain again, I see less of an adjustment…” he said. Mr Piramal said margins are under pressure, especially with uncertainty as far as costs are concerned.
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