Despite the lack of adequate infrastructur, India can become a global leader in the manufacturing of eye care medicines

In 2019, the world's population aged 65 and over was estimated at 703 million, accounting for approximately 9.1% of the global population. With an acceleration in the ageing of the world populace, this number is expected to rise to 1.5 billion (15.3%) by 2050. As populations age, there is a growing burden of vision-related disorders, which can cause blindness or moderate-to-severe visual impairment. Cataracts, under-corrected refractive error, glaucoma, myopia and diabetic retinopathy are among the most common causes of vision loss that could be prevented or treated through early detection and intervention. Offering such treatment to restore vision would be a noble act of immense value. Many nations around the world are making significant efforts to offer vision restoration services with dedication and commitment. However, providing such services in India, with its massive population of 1.4 billion people, is undoubtedly a gargantuan task. Nonetheless, it is achievable with the right policies and adequate support.

Government Efforts

In 2021, the domestic pharmaceutical market in India was valued at US$ 42 billion and is projected to reach US$ 65 billion by 2024 and US$ 120-130 billion by 2030, with a compound annual growth rate (CAGR) of 12%. By volume, India is the third-largest pharmaceutical producer globally, and it ranks 14th by value. With its current status as the largest supplier of generics and vaccines globally, India's position in the pharmaceutical industry is expected to continue to grow over the next decade.

India's government implemented significant economic reforms in 1991, which led to market liberalization and the integration of the Indian pharmaceutical industry with the global economy. The end of the "License-Raj" policy allowed for more freedom in the market and increased competition, which resulted in better product quality from domestic players.

To attract and sustain investment in the pharmaceutical sector, the Indian government has launched several policies to improve the ease of doing business.

Examples of these policies include the Production Linked Incentive Scheme for Bulk Drugs, the Production Linked Incentive Scheme for Pharmaceuticals, and the Bulk Drug Parks Scheme. Amendments to the Drugs and Cosmetics Act 1940 by the Union Ministry of Health and Family Welfare have also been made to promote indigenous manufacturing of over 35 Active Pharma Ingredients (APIs) that were previously imported.

In the Union Budget 2023-24, the government announced a scheme to promote bulk drug parks, with INR 3,000 crore approved for setting up three mega Bulk Drug Parks in the country. Grants-in-Aid will be provided to states, with a maximum limit of INR 1,000 crore per Bulk Drug Park.

Opportunities

The process of pharmaceutical production is intricate and demands a significant level of expertise. The manufacturers in the pharmaceutical industry are facing the daunting challenge of maintaining quality standards and productivity amidst the industry's rapid expansion and heightened regulatory oversight. Despite the growth in the sector, various hurdles persist, leading some labs to question whether the current model is sustainable in the long run.

Challenges

Shortage of Skilled Labour: The Indian pharmaceutical industry faces a shortage of skilled labour, which hampers the manufacturing process. To overcome this challenge, the industry needs to invest in training and development programs to upskill the existing workforce and attract new talent to the industry.

Lack of Adequate Infrastructure: Though initiatives and efforts by the government are driving the growth of the sector, the Indian pharmaceutical industry still lacks adequate infrastructure, which makes it difficult to manufacture high-quality eye care medicines. The industry needs significant investment in research and development, manufacturing facilities, and supply chain infrastructure to meet the growing demand for eye care medicines.

Despite the challenges, there are several opportunities for the Indian pharmaceutical industry to expand its manufacturing capabilities for eye care medicines. Some of these opportunities include:

Growing Demand for Eye Care Medicines: The demand for eye care medicines is growing, not just in India, but also globally. The Indian pharmaceutical industry can leverage this demand by investing in research and development to develop new and innovative medicines for eye diseases.

(The writer is CEO, of Entod Pharmaceuticals)