The COVID-19 pandemic clearly highlighted the importance of a strong health care system and drug innovation ecosystem, the lack of which can put an entire nation’s economy and society at risk. Equitable access to healthcare also emerged as a key priority.
As the saying goes, “Necessity is the mother of all invention” – the industry witnessed several shifts in efforts to keep people safe from COVID and other chronic diseases. A large part of health care delivery and patient journey became virtualized due to lockdowns and physical distancing requirements. The entire product value chain also evolved. COVID drugs and vaccines were launched in record time. Drug manufacturing and supply processes also witnessed big changes. Digital/automation and data analytics adoption by leading companies globally was at its peak.
During the pandemic, India continued to produce and export life-saving medicines globally despite several constraints. Several best practices emerged in the efforts to accelerate the development and availability of COVID medicines, vaccines and diagnostics - now is the time for India to apply these learnings.
The future growth will be driven by shift from volume focus to volume+value focus. The industry needs to continue building on its strength and at the same time make a giant leap towards innovation. New capabilities need to be introduced across the business functions to bring efficiencies and to help industry move up the value chain.
As the life sciences industry develops its future growth strategy, it is the right time to assess our current position and deliberate on the imperatives for future growth. BioaAsia 2022 explores industry’s current and future potential, and aims to identify new approaches and capabilities required to be ‘Future Ready’.