Today’s installment provides some specifics for our general statement about the growth and maturity of the Indian pharma/healthcare marketplace.
The Indian enterprises (such as Serum Institute of India and Bharat Biotech) that have global market positions in vaccine production approached the technological and regulatory challenges of Covid-19 manufacturing with prior production knowledge and domain knowledge. Serum Institute of India is a global leader in the egg-production of vaccines. In 2022 Bharat Biotech continued development of non-injectable Covid-19 vaccines with an inhaled/nasal vaccine. The scale of technological, regulatory, and governmental policy issues was not expected by enterprises or government. Technological difficulties with new manufacturing and biopharmaceutical techniques (mRNA, technology-transfer) slowed time to market. Regulatory difficulties slowed the acceptance of innovative products (even for global cooperatives). Government policies led to other issues (vaccine diplomacy, technology transfer/intellectual property, government production requests). Each participant in the to-market chain learned, was forced to grow and will see the next pandemic with more maturity.
The product quality issues in an exported pharma product used for children (Marion Biotech) also illustrate the complexity of serving global markets. Issues with production oversight, legal liabilities, enterprise structures serving global markets, and aggressive pursuit of external sales shows additional enterprise actions are needed. The quality of drug approval processes, regulatory oversight of production facilities, and producer-operated quality controls are lessons competitive multinational enterprises have learned over decades. The maturity of the global markets will not allow as much leeway for an Indian enterprise to learn these lessons at leisure. Positioning as a supplier-of-choice for pricing and availability will also require meeting marketspace expectations of mature global competition.
Enterprises from Dynamic India need additional investment (foreign or domestic), additional technologies (AI, mRNA, protein engineering, reagent production), and appropriate government co-investment to continue to be globally competitive. Government investment is not always financial. Government-to-government dealings, intellectual property licensing, market access negotiation, and other participation are also forms of investment. To continue growth and be successful competitors in global marketspaces all of these elements must be combined.
India has already emerged as a top 5 vehicle market in competitive vehicle sales. The strength of the domestic pharma marketspaces can provide Dynamic India with a continued advantage to compete in the global marketspaces. All marketspace participants must combine to become a permanent and effective global enterprise.
To see more of EkaLore’s analysis on Dynamic India - It will appear on our website – www.ekalore.com/india-business.
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