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Western drugmakers are increasingly turning to alternative sources for drug production and clinical trials, shifting their attention away from Chinese contractors. According to industry experts and executives, this strategic move has proven beneficial for the rising pharmaceutical industry in India.
China's Appeal Diminished by Geopolitical Tensions
China has been the preferred destination for pharmaceutical research and manufacturing services for nearly two decades due to its cost-effectiveness and expedited processes offered by contract drugmakers. However, geopolitical tensions between China and Western nations have prompted calls for companies to diversify and "de-risk" their supply chains away from the Asian superpower.
India Emerges as a Viable Alternative for Western Biotech Companies
Reuters reported that due to the escalating tensions, biotech firms are now considering utilizing Indian manufacturers to produce active pharmaceutical ingredients (API) in clinical trials and outsourced projects. Executives from prominent Indian contract development and manufacturing organizations (CDMOs) such as Syngene, Aragen Life Sciences, Piramal Pharma Solutions, and Sai Life Sciences note an upswing in interest and requests from Western pharma companies, including major multinationals.
In an interview, Dr. Ashish Nimgaonkar, the founder of Glyscend Therapeutics, a U.S.-based biotech firm specializing in type 2 diabetes and obesity treatments, revealed plans to prioritize Indian CDMOs over Chinese counterparts when issuing a Request for Proposal (RFP) during the medicine development stage.
India's Growing Presence in the Pharma Services Sector
With its $42 billion pharmaceutical industry, India is actively seeking a stronger foothold in the pharma services sector to bolster its sales and reputation. However, concerns remain regarding the oversight and quality standards of Indian CDMOs compared to Western and Chinese counterparts, according to Yahoo.
Dr. Nimgaonkar emphasizes the need for Indian CDMOs to work towards ensuring their reputation aligns with stringent quality standards.
Mordor Intelligence, an India-based research firm, estimates that revenue from India's CDMO industry will amount to $15.6 billion this year, compared to China's $27.1 billion. Nevertheless, the firm predicts that India's industry will experience an average annual growth rate of over 11% over the next five years, outpacing China's anticipated growth rate of approximately 9.6%.
With Western drugmakers actively diversifying their supply chains, India's pharmaceutical industry appears poised to take advantage of this shift. As China's dominance is challenged, India aims to further solidify its position by ensuring stringent quality control measures are in place. As revenue and reputation grow, India is on track to emerge as a formidable pharmaceutical service presence.
