Over 10 years experience of Traceability Solutions
By Pharmatrax Author
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The biotechnology and pharmaceutical sectors have showcased resilience and grit in the face of the pandemic, continuously evolving and innovating for better outcomes. The industry has not just witnessed innovation in the fields of new vaccine technology and treatment methods but also in the R&D that goes behind making these vaccines and treatments. Utilising modern technologies to manufacture pharmaceuticals, improve scientific procedures, and identify novel treatment approaches is fast catching on.
The past few years have been landmark years for us in terms of innovation as well as growth. The industry has become digitized, and technology has improved owing to advancements in research methods. The drive to have better drugs for treatment has certainly pushed drug makers towards prioritizing the patient-centric approach, thereby opting for targeted methods that ensure enhanced clinical outcomes. Decentralization of clinical trials and newer digital methods have helped the pharma sector change its approach towards data collection. Digitization of the pharma sector had begun long before the pandemic hit but the pandemic provided a strong upward thrust.
Pushing for new advancements and innovation
Several beneficial and forward-looking measures have already been implemented to simplify India’s regulatory structure. Government institutions have made commendable strides in developing new policy frameworks, creating a conducive environment for corporates, and working towards making the vision of India as a leading innovation-based pharma hub a reality. This progress is appreciated and welcome. As an industry, we look forward to complimenting these efforts through advanced product development and innovation. Perhaps a helpful move for the industry would be rewarding new investment in innovation through various fiscal and non-fiscal measures – from drug development to research-related incentives. This will be crucial to boost innovation.
The Indian pharma industry excels at providing affordable and high-quality medicines worldwide. While the country leads on the production and supply of generic medicines, the time has come to focus our energies on innovation and patents. We are seeing considerable progress on this front already – the government recognises the significance for self-reliance and technological advancement, and is doing much through initiatives such as ‘Make in India’ along with the recent product linked incentive scheme. We could further strengthen this by encouraging local research and development especially with our young minds, building research institutions, and incentivising industry-oriented research.
Digital transformation
The pandemic accelerated digital transformation across sectors – pharma was not an exception. The strategy of putting data first has helped pharmaceutical businesses make a smooth transition to digital. In addition to transaction simplification and drug traceability, the use of blockchain has helped strengthen clinical data security and data privacy. On similar lines, pharma companies have relied on cloud security and centralised access systems to keep track of patient data and other information. As a result, pharmaceutical businesses can confidently embark on digital transformation programmes that target their most pressing requirements or application upgrades.
The National Digital Health Mission (NDHM) programme will significantly improve people’s access to healthcare in a nation with a massive 1.4 billion population. NDHM is placing a significant bet on big data to address persistent healthcare issues. It aims to digitise individual health records by judiciously utilising machine learning (ML) and artificial intelligence (AI) techniques. By doing so, it will analyse the data to discover disease patterns, forecast the onset of illnesses, and identify seasonal outbreaks, opening up a wide range of opportunities to improve efficiency, effectiveness, and transparency in healthcare delivery.
Today, the industry employs around 2.7 million people, making a significant contribution to the Indian economy and producing an annual trade surplus of over USD 13 billion. It is one among India’s top five sectors in terms of net foreign exchange earnings. From its present $44 billion, the pharmaceutical sector hopes to grow to $120-$130 billion by 2030, putting India in the top five league in terms of value and on the top in terms of volume. One of the primary motivations for achieving Vision 2030 will be to put the spotlight on innovation and emphasise the value of constant R&D.
Policy framework and investment in R&D
The country has been supportive in terms of creating the right regulatory and policy framework to establish and add to the growth of the research-driven biopharmaceutical industry. More focus on strengthening this framework can lead to better patient outcomes, greater investments in the pharmaceutical and genomics sectors enabling well rounded growth beyond employment, and access to improved industry efficiencies and competitiveness. This will go a long way in attracting further biopharmaceutical innovation investment.
Our progress in research and development is inextricably linked to fostering a culture of innovation. Allowing for additional provisions towards establishing a stronger Intellectual Property rights ecosystem in the country would be a welcome move to improve the ‘Ease of Doing Business’ Index in India and further propel FDI in the pharmaceutical sector. Measures towards improving ease of doing business in the pharma sector with emphasis on simplification, making processes industry-friendly, and creating specific provisions for eliminating bottlenecks could also encourage investment.
The time is now right to develop breakthrough solutions to complement ‘Make in India’ with a ‘discover and innovate in India’ mindset. This would mean promoting frequent and transparent dialogues between all relevant stakeholders and providing competent training to achieve the vision of India as the preferred destination for pharmaceuticals R&D. Pro-innovation policies help in advancing the development of quality and innovative medicines for Indian patients. There are unmet medical needs and therapeutic areas that need to be addressed with innovation-driven cures. The research-based pharma industry is encouraged by the view expressed by Prime Minister Modi, that India’s patent laws should be brought on par with global standards to make the world’s fifth largest and Asia’s third largest economy a hub for outsourced creative services.
The pandemic provided valuable insights about the pharmaceutical industry’s mobilisation skills and, more critically, increased the realisation of the need for prioritising innovation. The impetus in research and development has been positive, and it should continue beyond the pandemic. The Indian pharmaceutical sector is a key industry in terms of scale and reach. We also benefit from a diverse demography, a strong digital foundation, and manufacturing scale. Convergence of technology and pharmaceuticals should assist us in developing a new model for innovation, moving us closer to our ‘discover and innovate in India’ mission.