DR. PRIYA ABRAHAM
ICMR National Institute of Virology (NIV)
India commands an important position in the global pharmaceutical sector. Medicine spending in India is projected to grow 9-12 per cent over the next five years, leading India to become one of the top 10 countries in terms of medical spending and holds great potential to steer the industry ahead to greater heights. The country plans to set up nearly Rs 1 lakh crore (US$ 1.3 billion) of fund to provide a boost to companies to manufacture pharmaceutical ingredients domestically by 2023. In such plans of growth, technologies like artificial intelligence (AI), machine learning (ML) and blockchain are undoubtedly going to play key roles in the pharmaceutical industry. These technologies have the highest scope to contribute in the future as pharmaceutical industry holds a ton of silos of patient data.
The pandemic has left the Indian pharma sector to be dependent on China for its API procurement. Supply chain disruptions and product exportation restrictions from India resulted from manpower shortages in China’s manufacturing plants. Supplies were further impacted by the disruption of logistic and transportation systems, restricting access and movement of products to and from ports. The primary driver of all this being is the low cost of production.
ETHealthworld.com India Pharmaworld Summit is an initiative to address the challenges and opportunities experienced by the Indian pharmaceutical industry, especially during this pandemic. This summit will also give a platform to the stakeholders to discuss the road map on making the Indian pharma industry become more globally competitive.
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