Aim high: Industry-academia ties could catapult India’s biopharma industry
The biopharmaceutical industry has been evolving rapidly. During the turbulent period spanning 2019 to 2021, amid the upheaval caused by the covid pandemic, it emerged as a focal point of global discourse. Biopharmaceuticals are drugs and therapies synthesized from living organisms, which includes vaccines, biologics, biosimilars and evolving therapies like cell and gene therapies.
The global biopharmaceutical industry has grown significantly since 1982. Estimated at $528 billion, it is expected to a grow at a compounded annual growth rate in double-digits for years. India has replicated this growth, ranking among the top 12 biotechnology destinations globally.
In 2023, the Indian biopharma industry surpassed $92 billion, reflecting 15% growth from the previous year. This growth is driven by a rise in chronic diseases, higher income levels, demand for better treatments and the advantages of biopharma over traditional medicine (such as fewer side effects and greater effectiveness in treating chronic illnesses). However, as the industry continues to expand, we realize that in an era of continued innovation, it becomes even more important for the industry to adapt to a fast-evolving curve.
In this context, while the industry has witnessed tremendous growth over the past decade, further research and innovation in the biopharmaceutical sector necessitate collaborative efforts between the industry and academia. Collaboration between industry and academia is a strategic imperative: The development and commercialization of bio-therapeutic products not only require extensive research, but also clinical and non-clinical trials that adhere to regulatory norms, necessitating academia and industry collaboration. While academia
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