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India’s Pharma Industry Shifts to Innovation, CDMO Sector Leads the Way

CPHI Report Highlights India’s Growth Potential in 2024

Nishita Masih by Nishita Masih
2 years ago
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The Convention on Pharmaceutical Ingredients (CPHI) has released its annual report for 2023, which assesses the trends and performance of the global pharmaceutical industry. The report, based on a survey of over 250 industry executives from more than 35 countries, shows that India is poised for substantial growth in 2024, driven by its prominent Contract Development and Manufacturing Organizations (CDMOs).

According to the report, India has excelled in the ‘growth category’, scoring 7.8 out of 10 for the second consecutive year, surpassing even the United States. India has also made significant strides in ‘biologics quality’ and is closely trailing the US in ‘overall competitiveness’. The report foresees the emergence of an ‘India plus one’ strategy as the predominant approach in the coming five years, as India is expected to experience the fastest Compound Annual Growth Rate (CAGR) in biologicals.

Pharma Industry
Pharma Industry

CDMOs Lead the Transformation from Generics to Innovation

The report reveals that the Indian pharmaceutical industry is undergoing a profound transformation, transitioning from a generics-oriented hub to an innovation-driven pharmaceutical economy. This paradigm shift is largely attributed to its prominent CDMOs, which offer end-to-end solutions for drug development and manufacturing.

CDMOs are playing a vital role in enabling Indian pharma companies to diversify their portfolios, enter new markets, and leverage new technologies. CDMOs are also helping Indian pharma companies to overcome the challenges posed by the COVID-19 pandemic, such as supply chain disruptions, regulatory uncertainties, and increased demand for vaccines and therapeutics.

Some of the leading CDMOs in India include Piramal Pharma Solutions, Syngene International, GVK Biosciences, Jubilant Biosys, and Biocon Biologics. These CDMOs have established global partnerships with pharma giants such as Pfizer, Novartis, Bristol-Myers Squibb, Eli Lilly, and Merck. They have also invested heavily in expanding their capacities, capabilities, and quality standards.

US Remains the Top Pharma Market, but Faces Competition from Asia

The CPHI report also ranks the major pharma markets across various categories such as Active Pharmaceutical Ingredient (API), Finished Dosage Form (FDF), Overall Competitiveness, Knowledge of Professionals, and Growth. The CPHI Pharma Index, which combines the scores of these categories, shows that the US remains the top pharma market with an overall score of 8.134.

However, the US faces stiff competition from Asian countries such as India, China, and Korea, which have improved their scores in several categories. China has overtaken Germany as the second-largest API producer, while Korea has emerged as a leader in biologics quality. The report predicts that Asia will continue to dominate the growth category in 2024 and beyond.

The report also identifies some of the key drivers and innovations that will shape the future of the pharma industry. These include microbiome therapeutics, mRNA technology, artificial intelligence (AI), and personalized medicine. The report states that these innovations will create new opportunities and challenges for pharma companies and CDMOs alike.

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Nishita Masih

Nishita Masih

Nishita Maish is a senior content manager, blending creativity with strategic insight to craft compelling narratives that captivate audiences. With a passion for storytelling and a knack for digital engagement, she has elevated brands and content strategies to deliver lasting impact in the ever-evolving digital world.

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