India’s biopharma sector key driver of bio-economy: Report - Greater Kashmir

Mumbai, Sep 24: The biopharma sector has emerged as a critical component of the country’s bio-economy, contributing to 49 percent of India’s biotechnology output, according to a report on Tuesday.

The report offers a comprehensive analysis of India’s biopharma sector, showcasing its exponential growth and emergence as a major global player in the bio-economy.

“India’s biopharma sector is uniquely positioned to address global health challenges, from pandemic preparedness to developing advanced biotherapeutics and vaccines,” said H. S. Sudhira, Director of Gubbi Labs and lead author of the report.

“The growth observed is driven by a combination of evolving regulatory landscapes and robust international partnerships, showcasing India’s significant role in shaping global healthcare innovation,” Sudhira added.

As per the report, by Gubbi Labs and Cactus Communications, the Biologics CDMO market size is expected to grow from $13.58 billion in 2023 to $24.77 billion by 2028, at a CAGR of 12.78 percent during the forecast period (2023-2028).

There has also been a significant rise in R&D investments, with Indian companies spending nearly 8-10 percent of their revenue on research, particularly in drug discovery and development.

The biopharma segment develops products such as therapeutics, vaccines, and diagnostics.

Of these, diagnostics alone account for 52 percent ($20.4 billion) share of the total biopharma market, while the therapeutics segment accounts for 26 percent ($10.3 billion).