In a world where the healthcare and pharmaceutical sectors are at the forefront of global attention, one nation has consistently taken centre stage. India, a powerhouse in pharmaceuticals and healthcare, has seen its contributions extend far beyond its borders. The recent confluence of top CEOs and industry stalwarts at CNBC-TV18 and PwC's "CEO Dialogues" event provided a glimpse into the profound insights and achievements that have propelled India's healthcare landscape to new heights.
The Unveiling of Remarkable Achievements
The episode, with the theme "Embracing Opportunities & Charting the Path Forward in the Indian Healthcare & Pharma Industry," served as a tribute to the remarkable growth of these sectors in India. With medicines exported to more than 200 countries, India has firmly established itself as a critical player in the global pharmaceutical landscape. Impressively, it supplies a staggering 50% of all the drugs in Africa and contributes to 40% of the generic medicines consumed in the United States. When it comes to vaccines, India plays a pivotal role, accounting for approximately 60% of the vaccines sourced by the World Health Organization. These statistics paint a picture of an industry on the move, full of promise and potential.
The Indian pharmaceutical industry, currently valued at $50 billion, is set to witness an astonishing leap. Within just six years, projections suggest it will catapult to a staggering $130 billion. A sector characterised by remarkable growth, the private healthcare market in India is pegged at $48 billion, and its valuations continue to expand.
Industry Visionaries at the CEO Dialogues
The illustrious panel of leaders, who have been the architects of this success, gathered to share their experiences, vision, and insights. Shereen Bhan, the esteemed Managing Editor of CNBC-TV18, facilitated a compelling dialogue with these titans of industry.
Luminaries gracing the CEO Dialogues were Sanjeev Krishan, Chairperson of PwC in India, Ameera Shah, Promoter & MD of Metropolis Healthcare Ltd, Gautam Khanna, CEO of Hinduja Hospital, Umang Vohra, MD & Global CEO of Cipla Ltd, Meenakshi Nevatia, Country President & MD of Pfizer India, Sanjiv Navangul, MD & CEO of Bharat Serums & Vaccines Ltd, Raj Gore, CEO of HCG Ltd, Dr. Tarang Gianchandani, Group CEO of Sir HN Reliance Foundation Hospital, Sujay Shetty, Global Health Industries Advisory Leader at PwC and Rahul Purwar, Founder & CEO of ImmunoACT.
Sanjeev Krishan on Private Equity Investments, Consolidation, Sustainability and Digital Transformation
Sanjeev Krishan explored the dynamic Indian market and the ongoing wave of consolidation. He emphasised on how over the last five years, limited private equity investments were observed in the sector due to its capital-intensive nature. However, investments in technology-driven areas, such as online pharmacies, have been increasing.
He further said, “Consolidation is a significant driver for private equity investments as large deals become less common. To attract investments, scale is crucial, and creating platforms for consolidation is seen as promising.”
In continuation he said, “Sustainability in healthcare, as a contributor to environmental pollution, presents another opportunity. And the ongoing digital transformation in the healthcare sector holds the potential for growth and innovation.”
Meenakshi Nevatia Navigated a New Regulatory Landscape
Meenakshi Nevatia emphasised the evolving regulatory landscape for drug approval in India. She underlined the growing transparency and systematisation in the regulatory process. She said, "A lot has changed in the positive direction in India. First, is about how quickly we are able to now bring drugs into the country and make new launches. The acceleration in the drug launch process aligns with India's growing global connectivity, where both doctors and patients have access to information about the latest developments in the medical field worldwide.”
Sujay Shetty and Umang Vohra Shared The Strategies for Growth, Sustainability and Innovation
Sujay Shetty delved into strategies to solidify India's prominent position in the United States, considering factors like pricing erosion and specialty pharma. He emphasised the need to make innovation more affordable, especially in areas like cell and gene therapies and biosimilars.
Shetty also touched on the environmental impact of the pharma and health sectors, emphasising the need to meet societal expectations in terms of sustainability and climate action. He also raised the importance of initiatives like AYUSHMAN Digital Mission and the PMJ in elevating the standard of care across the nation, with a focus on making India an attractive destination for clinical trials and medical tourism.
In continuation, Umang Vohra discussed the notable activity in the healthcare sector, emphasising its significance for India. He highlighted several key drivers for potential consolidation - a global shift to preventive healthcare, the move from chemical to biological synthesis, and the growing importance of data utilisation.
“As healthcare evolves, it becomes more biologically sensitive, but innovation is costly. The affordability of healthcare in India needs to expand significantly, and insurance coverage must expand to support innovation. This financial aspect also drives the need for consolidation, as fewer contributors can sustain innovation in the sector”, said Umang Vohra.
Ameera Shah and Gautam Khanna on Future Healthcare Integration and Affordability Challenges
Ameera Shah highlighted the nascent state of genetic testing in India, emphasising the need for affordability and financing, similar to the models found in the US and the western world where insurance companies often cover genetic testing. She feels that, in India, insurance is yet to catch up in this domain, hindering the utilisation of genetic testing insights by doctors.
Ameera Shah envisages a future where healthcare is more integrated for patients, with comprehensive data integration and care coordination, allowing professionals to work seamlessly together. This approach aims to eliminate the fragmentation often seen in healthcare services.
Gautam Khanna discussed the shifting paradigm in healthcare. He said, “Hospitals have historically been focused on sick care, treating patients after they fall ill. However, the industry is transitioning towards wellness care, where healthcare providers like Hinduja Hospital aim to proactively manage the health of the community. This transformation demands robust data collection, predictive analytics, and a shift in the delivery of care from hospitals to homes.”
Furthermore, the digital revolution in healthcare is evolving beyond improving patient convenience and logistics. It's moving towards digital health delivery, involving data collection, vital sign monitoring, and telemedicine. Khanna stressed the necessity of extending these services to tier 2 and tier 3 regions to enhance healthcare accessibility.
Dr. Tarang Gianchandani on Healthcare in 2032: Accessible, Advanced, and Preventive
Dr. Tarang Gianchandani envisioned the healthcare landscape in a decade as more accessible, advanced, and prevention-oriented. The shift towards prevention (60% focus) rather than cure is a significant trend. Strategies will involve integrating technology for personalised and predictive medicine, utilising AI and data to enhance patient outcomes and overall accessibility.
The impact of the invaluable insights shared by these industry giants continues to reverberate throughout the healthcare and pharmaceutical landscape in India. Their collective vision, accomplishments, and commitment to a brighter future have set a new standard of excellence. The "CEO Dialogues" is a testament to the unyielding spirit of innovation and transformation in the Indian healthcare and pharmaceutical sectors.
Moneycontrol journalists were not involved in the creation of the article.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
