Key developments in 2024 include an increase in biosimilar approvals, enhanced collaborations for biologics and vaccines, and a focus on potential investments in cutting-edge technologies like Artificial Intelligence (AI), continuous manufacturing, and automation through biofoundries. Looking ahead, the industry is well-positioned to align with emerging trends that are shaping the global biopharma landscape for 2025 and beyond. These include the growing emphasis on precision medicine, a shift towards sustainable biomanufacturing practices, and an increase in demand for advanced therapies such as cell and gene therapies. With over $200 billion worth of biologic patents set to expire by 2030, Indian companies are poised to play a pivotal role in driving the next wave of innovation and accessibility in biologics and biosimilars. Let's explore further.
The Government of India has introduced several Production Linked Incentive (PLI) Schemes and attracting significant investments in the life sciences-related sectors. Additionally, initiatives like 'Make-in-India', the National Biopharma Mission (NBM), as well as new provisions from the Anusandhan National Research Foundation (ANRF), to name a few, are set to boost innovation and technological prowess. Key highlights of 2024 included the approval of the BioE3 (Biotechnology for Economy, Environment and Employment) Policy for biomanufacturing, the Bio-RIDE scheme, Vigyan Dhara scheme. The Union Budget 2024 also focussed on ramping up HPV vaccination efforts and announcing new provisions for the biopharma and healthcare sectors through initiatives like the ANRF. The biopharma sector also saw an influx of startups, SMEs, and international companies in 2024, focusing on precision medicine, biosimilars, and biotherapeutics.
This story is from the December 2024 edition of BioSpectrum Asia.
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This story is from the December 2024 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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