India showed the largest gains in terms of ‘perceived growth potential’ and ‘biologics knowledge’, proving that industry efforts to align standards more closely with the USA and Europe, as well as growth in biosimilars, have clearly been noted. But perhaps most significantly, these efforts are also being transferred into a reported increased confidence in outlook for 2020.
According to the Report, India is rated as having the second highest overall growth potential of any market globally. What’s more, it also boasts the second-best score for ‘competitiveness’, and a separate report by IBEF has found that Indian pharma companies are now forecast to see exports of $20 billion in 2020.
Survey respondents cited India’s ‘high-growth domestic market’ and ‘expanding manufacturing exports’ as the major drivers. The rise in exports growth potential is believed to be in response to concerted reforms by the CDSCO (Central Drugs Standard Control Organisation) and industry quality improvements in the last few years.
Such was the confidence in India’s pharma market, the nation was ranked second for the ‘overall competitiveness’ of its pharma industry. India scored an average of 6.61 (out of ten), placing it behind only the US (7.03) and just above Germany (6.47).
With these hugely positive results as its backdrop, the 13th Annual CPhI & P-MEC India will take place in Delhi’s India Expo Centre. The event will be held in the nation’s capital and is designed to attract a wider international audience, helping more closely integrate vital regulatory pathways into event content, and allowing an even more diverse range of partnerships. Ultimately, this empowers attendees to meet with API suppliers, distributors, contract providers and machinery specialists all in one venue.
Cara Turner, Brand Director at Informa, said: “It’s such an exciting time to be working in India, with so many new opportunities now merging. This year looks set to see India’s biggest ever CPhI and that bodes extremely well for the wider industry in 2020.”
The Pre-Connect Congress and the daily series of Pharma Insight Briefings in the InnoPack Theatre will deliver topical analysis to keep the industry abreast of the biggest opportunities. The CEO Roundtable is expected to be another highlight of the event. This ‘closed door’ session will deliver the discussions and conclusions that help this market to enhance its position as a global superpower in the pharma world.
Encouragingly for deal-making at the event, the number of visitors and exhibitors signed up to take part in Live Pharma Connect the ‘Match and Meet’ service this year has doubled – meaning 2020 looks set to be a record-breaking year for pharma in India.
In addition, a key part of Indian Pharma Week is the ‘Women in Pharma’ Forum. Under the theme of ‘Women Empowers’, this event is designed to celebrate the influential contribution of women executives in the pharmaceutical industry. This event allows women to share their stories, experience and knowledge, as they help redefine and assert the leadership role women play.
Finally, P-MEC India is again playing a key role in helping this burgeoning market advance by supplying the latest technologies and machinery. Globally there has been a tremendous push to lower the cost of healthcare, with an increased use of generics and a commitment to lower manufacturing costs, improve process R&D and reduce waste. The net result of these changes is fundamentally shifting the tools we use to develop, test and manufacture the drugs of tomorrow.
“As the pharma industry looks increasingly towards India for high-quality, low-cost pharma solutions, CPhI & P-MEC India is the ideal event for companies wanting to pick up on the latest trends and innovations the market has to offer. At the event you will meet the movers and shakers from India's pharma machinery, technology and ingredients industries, giving you a competitive advantage that will help grow your business,” commented Rahul Deshpande Group Director at Informa.