Driving Innovations For A Safer Tomorrow
The Economic Times Smart Pharma Virtual Summit
India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicine in the UK.
India enjoys an important position in the global pharmaceuticals sector. The country also has a large pool of scientists and engineers with a potential to steer the industry ahead to greater heights. Presently, over 80% of the antiretroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms.
Due to the Covid crisis, over-stretched healthcare organisations are battling to save lives and control infection rates, while also protecting their frontline staff.
With so much time and resources being allocated to the pandemic, every aspect of the pharma value chain from manufacturing to sales and marketing is having to adapt. The reality is that working practices across the industry may never be the same again.
But as the coronavirus pandemic requires social distancing and a rapid search for a permanent vaccine, it could finally be the trigger that forces a traditionally risk-averse industry beholden to legacy systems, regulations to fully embrace new technology.
A few months into the normal, it is also clear that digital tech will have a pivotal role to play in ensuring that the pharma industry continues to function to the best of its abilities, providing both healthcare practitioners (HCPs) and patients with the vital support they need.
The Economic Times Smart Pharma Virtual Summit 2021