NATCONPH 2015 takes off today

Over 500 delegates from pharmaceutical and healthcare sectors across India are participating in the two-day conference that would deliberate on the emerging scenarios in the promising pharmaceutical and healthcare sector in India in the next five years.

The Indian pharmaceutical industry is likely to emerge as the third largest global market by 2020 and is projected to grow at a rate of 12.1 per cent (Compounded Annual Growth Rate or CAGR) to reach a market size of US $45 billion in revenue terms.

India will also account for 20 per cent of global exports in generic drugs or generics by the year 2020. It is projected that the pharmaceutical sector would attract US $200 billion for building infrastructure by 2024. This is a major impetus for the Make In India Campaign.

Currently, India is the sixth largest global market in size and the largest supplier of generic medicines to the world. Indian production cost is significantly lower than USA and almost half of that of Europe. By next year India is expected to become the third largest global market for active pharmaceutical ingredients (APIs) with a 7.2% increase in market share.

A skilled workforce as well as high managerial and technical competence would be the big challenge for which India has to gear up. Similarly, the health care sector in India is expected to grow to US$250 billion by 2020from US $65 billion currently.

“Pharma MNCs have adopted India-focused strategies to tap the growing potential of the country’s pharma market. Amid the increasing patent cliffs, declining R&D productivity and increasing regulatory and price containment pressures; the global pharmaceutical market continues its focus toward emerging markets. The Indian Pharma industry is expected to be among the top three global markets in value terms by 2020, bolstered by increasing domestic demand. Also with the Indian Government’s focus on Indian healthcare growth with coverage of the masses through the National Rural Health Scheme, even with the current economic conditions, the Indian pharma industry is expected to continue its paradigm shift,” said Dr Subhashis Maity, Director of NSHM Knowledge Campus, Kolkata Group of Institutions, during the inauguration.

Between 2011 and 2016, patent drugs worth US $255 billion are estimated to go off-patent leading to a huge surge in generic product and tremendous opportunities for companies in India.

“The pharmaceutical industry would require a massive trained skilled workforce to tap the emerging opportunities. West Bengal is lagging behind other states in developing pharmaceutical companies; in education institutes to cater to pharmaceutical and healthcare management courses and also in churning out researchers,” Maity said.

“The year 2020 would lead to a dramatically altered landscape in the arena of Indian healthcare Industry with respect to improved global market share by public sector as well as private sector in the healthcare arena managing Cost, productivity, and quality; customer access to global value chain with innovative talent and risk free compliance; deployable talent pool to meet the demand of diversified multiple healthcare management tracks with globalised recruiting and HR practices,” said Subhasis Mukherjee, GM (HR), Tata Medical Center, Kolkata.

The Vision of NATCONPH 2015 on the Indian Healthcare Industry is that success would rely on a concerted action by the stakeholders in: Catalyzing growth beyond today’s core markets; Establishing India as a trusted global hub for technological & professional services, clinical research; Harnessing IT for inclusive growth; Developing a high caliber talent pool of healthcare professionals, Building a pre-eminent innovation hub in India.

The rise of pharmaceutical outsourcing and investments by multinationals allied with the country's growing economy; committed health insurance segment and improved healthcare facilities would drive market growth for which Pharmaceutical and Healthcare Professionals would be the custodians.