Go on, pop the innovation pill: ₹5,000 cr push signals India's shift from copy to create
Stir things up Rollout of the ₹5,000-cr Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) scheme signals a shift in how India approaches the sector's growth. This initiative, expected to begin disbursals by the end of 2025, could attract ₹17,000 cr in additional R&D investment. For an industry that has long been associated with generic manufacturing, this represents a paradigm shift towards innovation-led growth.The pharma world is approaching a 'patent cliff', and for Indian firms, it represents an unprecedented opportunity: 24 mega-selling drugs with combined annual sales exceeding $250 bn will lose patent protection by 2030. This means blockbuster medicines like Humira for rheumatoid arthritis, Keytruda for cancer treatment, Stelara for psoriasis, and Symbicort for asthma will soon be open for generic manufacturing.
When these patents expire, drug prices fall by at least 50%. For a country where out-of-pocket (OoP) healthcare expenses are high, this holds immense significance alongside its commercial potential. Capturing these opportunities won't be easy. Indian firms will face tough competition from generics and must match the original drug standards. Success will hinge on investment in bioequivalence studies, regulatory compliance and resilient supply chains.
Indian pharma companies are eyeing these opportunities. Zydus, Sun Pharma, and Bharat Serums and Vaccines (now part of Mankind Pharma) have invested in establishing world-class R&D centres, focusing on developing new chemical entities. The younger generation of scientists and entrepreneurs, bringing fresh perspectives, is accelerating the transition from a generic-focused industry to one that balances both generic excellence and innovative drug discovery.
MNCs are also rethinking their view of the Indian market: Novartis, Novo Nordisk and Eli Lilly have chosen to out-license their brands to Indian firms rather than directly market them here. This trend reflects both the growing capabilities of domestic firms and the unique challenges of serving India's diverse and price-sensitive market. These partnerships benefit all. International companies can maintain a presence in India without the complexities of direct operations, while Indian firms gain access to established brands and molecules, leveraging deep market understanding and extensive distribution networks. However, building these relationships requires investment in compliance systems, quality infrastructure, and continuous capability upgrades to meet the exacting standards of international partners.Other positives in the sector include: Exemption of 36 life-saving drugs from basic customs duty will benefit companies bringing in innovative medicines. Drugs like AstraZeneca's Selumetinib, Pfizer's Lorlatinib, Novartis' Ribociclib, and GSK's Mepolizumab will now be more affordable. Additionally, six more life-saving medicines have been added to the concessional 5% duty slab, primarily targeting cancer, rare diseases and other chronic conditions.
The health budget has risen to over ₹95,000 cr for FY26, up 9.46%. More than a numbers game, it's about building a healthcare ecosystem fit for our vast population.
15,479 Jan Aushadhi Kendras provide generic medicines at prices up to 80% lower than branded equivalents. A heart medicine that once cost ₹500 is available for ₹100, bringing essential treatments within reach of ordinary citizens. Yet, ensuring consistent quality and maintaining reliable supply chains remain a challenge.
Extension of PM Ayushman Yojana to people above 70 years creates a virtuous cycle - more people seeking treatment drives demand for medicines, which, in turn, encourages pharma companies to invest in better products and wider distribution.
Development of healthcare infra in tier-2 and tier-3 cities is also helping. However, attracting and retaining qualified medical professionals in these locations remains a hurdle, requiring innovative approaches to compensation, career development and quality-of-life considerations. Again, the market for pharma products will, then, be able to expand.
A 'nutraceutical revolution' is underway. With the market expected to grow from $4 bn in 2020 to $18 bn by December, nutraceuticals represent a significant growth avenue for companies willing to invest in quality and innovation. The convergence of multiple factors - patent opportunities, GoI support, infrastructure development and changing consumer behaviour - is creating unprecedented opportunities for the sector. Companies that embrace innovation, while maintaining traditional strengths in affordable healthcare delivery, will thrive.
The writer is CEO, Mankind Pharma (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Second only to L&T, but controversies may weaken this infra powerhouse's growth story
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