Though the pandemic exposed the fragilities of public health systems, it also led to collaborative efforts between life sciences companies, and between industry and regulatory authorities. The industry has responded with agility across the globe – from sequencing the virus to discovering vaccines within a year made possible through extraordinary collaboration efforts across all industry stakeholders.
India has made immense contributions globally by supplying drugs and vaccines to several countries during the COVID-19 pandemic. The country reinforced its image as the “Pharmacy of the world’’. The Government’s “Make in India” initiatives such as Production Linked Incentive Scheme (PLI) to boost domestic manufacturing of Active Pharmaceutical Ingredients (APIs), combined with recent teleconsulting guidelines released by the Medical Council of India (MCI) to spur digital healthcare are further likely to accelerate the industry progress towards Life Sciences 4.0.
COVID-19 is making fundamental changes to the world. The Indian life sciences and healthcare industry is not immune to broader emerging trends including digital care, data driven connected healthcare ecosystem, supply chain consolidation, and R&D innovation. Reframing the future and creating competitiveness would entail understanding socio economic factors, technology forces, capital efficiency frameworks and outcome-based customer centric new business and operating models. To emerge as a winner in the post-pandemic world, the industry needs to continue building on its strength and make a giant leap towards innovation at the same time.