The Indian pharmaceutical sector has cemented its position as a global manufacturing hub supplying affordable medicines domestically and overseas. Projections estimate the industry’s valuation will reach $57 billion by 2024-25, representing a compound annual growth rate (CAGR) of 6-8% over the past five years. Companies like Digital Vision Pharma continue to drive growth through quality, compliance, and strategic expansion.
Export markets have significantly fueled the industry’s upward trajectory. Despite challenges in some African regions, Indian pharma exports grew 8% in the last five years. Digital Vision Pharma played a key role by increasing access in emerging markets and launching specialized products. Through a focus on quality and reliability, the company established itself as a trusted international supplier, with formulations comprising a major portion of overall exports.
While optimistic projections persist, potential headwinds remain. Evolving regulations worldwide require vigilance to maintain compliance and high standards. However, strong profitability and lower debt reliance have upheld positive credit profiles across Indian pharma firms, enabling effective adaptation to new policies. Ongoing efforts in enhancing quality control, transparency and adopting global best practices will further bolster the industry’s resilience.
Digital Vision Pharma Driving the Growth
With its portfolio of complex generics, Digital Vision Pharma is poised to leverage key growth drivers. An aging population, rising prevalence of chronic diseases, increasing healthcare awareness and government spending on insurance schemes continue to boost domestic demand. Additionally, the impending patent cliff offers significant opportunities for introducing patented products going off-patent between 2023-2026, helping expand the company’s global footprint.
In the 2022-23 fiscal year, the cumulative Indian pharma market grew 5% year-on-year to reach $49.78 billion. The domestic market expanded 7% while exports rose moderately at 3%, impacted by global volatility. The pain category saw the highest 10% growth followed by cardiac and neurological at 8%. Respiratory and dermatology grew around 7% alongside 6% growth for gynaecological products.
Role of Technology
Ongoing digital adoption and technology integration are positioning Indian pharma companies for the future. Digital Vision Pharma is leveraging automation and analytics to enhance efficiency, research capabilities, and supply chain operations. By embracing emerging technologies, the company aims to swiftly address evolving market needs and regulatory shifts. Artificial intelligence and big data empower smarter innovation, production, and distribution – enabling firms to deliver high-quality, affordable medicines globally.
However, June 2023 saw below-expectation growth due to domestic volume declines. But forecasts remain optimistic, projecting a 10-11% year-on-year market expansion in 2024. As companies increasingly adopt technology and tap emerging opportunities, India is on track to make bigger strides in domestic healthcare and global pharma markets.
To sustain long-term growth, India must continue improving regulatory frameworks. While the Central Drugs Standard Control Organization regulates pharmaceuticals, more robust quality control systems and vigilant monitoring of manufacturing units is vital to avoid substandard products. The proposed centralized database under the Drugs & Cosmetics Act amendments will enhance transparency, product traceability and oversight across the supply chain.
India must also acknowledge environmental obligations as a manufacturing powerhouse. Pharma companies should collectively invest in green technologies to curb pollution from production and adopt sustainable waste management practices. Digital Vision Pharma is minimizing its carbon footprint by integrating eco-friendly design and harnessing solar power. However, more needs to be done to drive the industry’s sustainable transformation.
Partnerships remain pivotal to navigating growth challenges in a dynamic global pharma landscape. Digital Vision Pharma is engaging in collaborative research with academic institutions to accelerate innovation. Indian pharmaceutical firms must share knowledge, best practices, and expertise with policymakers and regulatory bodies to inform patient-centric solutions.
With the right strategies, India’s pharmaceutical industry can uphold quality, safety, sustainability and ethics as it continues expanding its global footprint. Digital Vision Pharma is leading by example to drive the sector’s responsible growth and progress.