• The report provides perspectives on the Indian market, key trends that are shaping its future and the role Global Pharma companies have been played in unlocking quality healthcare.
• India remains a hub of innovation and a global economic bright spot. Proactive efforts by the government and industry have built a strong pharma ecosystem, setting the Indian healthcare market on a long-term growth path.
• The Indian healthcare sector is poised for rapid growth, with the pharma market projected to reach ~$120 billion by 2030

  Organisation of Pharmaceutical Producers of India (OPPI) in partnership with BCG has today released a new report, titled “Winning in Indian Healthcare”. The report was launched at the OPPI Annual Summit 2024
with the theme: Viksit Bharat @2047 – Transforming India from Pharmacy of the World to Pharma Powerhouse to the World-a summit with the attendance of industry leaders, innovators, scientists and government officials.

India’s pharmaceutical market, currently valued at approximately $60 billion, is projected to double  by 2030. The Indian healthcare sector is poised for rapid expansion, driven by a robust pharmaceutical ecosystem. Proactive measures by the government and industry stakeholders have bolstered this growth, positioning India as a global hub of innovation and an economic bright spot amidst global uncertainties.

Global pharmaceutical companies have played a pivotal role in transforming the healthcare sector in India. They have introduced innovative technologies, implemented patient support programs, and made significant investments in local capabilities to meet community needs. Approximately 70% of global pharmaceutical companies are expected to achieve annual growth of over 10% in India over the next five years. As India strives to unlock its full potential and move closer to its vision of becoming a “Viksit Bharat” global pharmaceutical companies will be instrumental in driving this progress.

However, winning in the Indian market, requires a strategically thought-out India specific strategy that accounts for the market nuances such as non-uniform payer coverage of specialty drugs, pricing schedules and varying levels of healthcare infrastructure. Learnings from other sectors indicate that wining in India requires a long-term commitment, accompanied by an adaptation of portfolio and operating model suited to India.

Getting this right will hold the key to winning a disproportionate market share in a large and expanding value pool (~$12B domestic market for global pharma companies by 2030).

At the launch, Mr. Anil Matai, Director General OPPI said

Speaking at the event, Priyanka Aggarwal, Managing Director and Senior Partner at BCG, stated that the Indian Pharma Market is poised to double by 2030, presenting significant opportunities for global pharmaceutical companies. She highlighted that the Indian market is at an inflection point, driven by its vast untapped potential, positive policy and regulatory measures over the past 5-7 years, and an established playbook of success. Global pharma companies have already built sizable businesses and are showing a strong interest in investing in India, both to serve the domestic market and expand globally.

Anirudh Tara Managing Director & Partner BCG said “Winning in India’s healthcare market requires a deep understanding of local dynamics, from tailored pricing and patient access programs to strategic partnerships and empowering healthcare providers. The eight principles outlined in this report, provide a roadmap for global pharmaceutical companies to navigate the unique opportunities and challenges in this high-growth market.”