India's pharmaceutical sector is solidifying its position as a global leader, with Drug Controller General of India (DCGI) Dr. Rajeev Raghuvanshi highlighting the country's significant contributions to global healthcare.
During the 19th International Conference of Drug Regulatory Authorities (ICDRA) Summit in New Delhi, Dr. Raghuvanshi stated that India supplies drugs, vaccines, and medical devices to over 200 countries worldwide. This underscores India's role in ensuring the availability of essential medical products globally.
India's Global Impact:
India's pharmaceutical sector has gained international recognition, with 11 countries adopting the Indian Pharmacopoeia as their standard. This demonstrates growing trust in India's regulatory framework and quality control measures. The country is also playing a key role in global clinical research, approving an average of 100 global clinical trials annually.
Regulatory Framework:
India's regulatory system, led by the National Regulatory Authority (NRA), is reviewing and approving cutting-edge technology-based products.
These include CAR T-cell therapy, mRNA vaccines, and software as medical devices. This showcases India's commitment to continuous upgradation and innovation in healthcare.
Challenges and Opportunities:
The pharmaceutical industry faces unprecedented challenges and opportunities amidst rapid technological advancements.
Ensuring efficient operations, risk mitigation, digital transformation, and regulatory compliance while balancing sustainability and profitability is crucial.
Future Directions:
To address these challenges, industry pioneers, regulatory experts, and technology innovators are coming together to envision a transformative path for the pharmaceutical supply chain. This includes enhancing resilience, transparency, and value-based healthcare. With 60% of India's healthcare expenses paid out-of-pocket, shifting from a cost-based model to value-based healthcare is essential.
Key Events:
Several events are lined up to tackle these challenges, including:
- ET Pharma Tech Innovate Conclave on November 22, 2024, at The Lalit Hotel, Mumbai
- ETPharma Future-Ready Supply Chain Summit on December 6, 2024, at Hilton Mumbai International Airport Hotel
- RE-Pharma Summit on February 8, 2025, at Courtyard by Marriott, Mumbai
These events will provide a platform for discussions, presentations, and real-world case studies to enhance the pharmaceutical industry's resilience and transparency
(Input from various sources)
(Rehash/Vaishnavi Dalvi/MSM)