Dear Reader,

Welcome to our India Life Sciences 2023 special report.

India’s pharmaceutical industry, ranked third worldwide in terms of volume, is the largest supplier of generic drugs and is well-regarded for the role it plays in making high-quality medicines and vaccines affordable to the global population. Fueled by domestic and foreign demand, the sector continues to grow; currently a US$50 billion industry, optimistic forecasts project the Indian pharmaceutical industry could reach US$150 billion within a decade.

Amid a competitive landscape, Indian companies operating in the life sciences have carved out niches for themselves in various ways – whether it be researching novel drug delivery systems, introducing new molecules and materials to the market, or securing funding for work in the country’s nascent biotech sector, innovation abounds. At the same time, certain subsectors of the life sciences are witnessing a surge in interest in the wake of Covid-19, propelled by heightened consumer demand and a flourish of entrepreneurial activity to keep pace. This report will investigate the activities surrounding such advancements in the nutraceuticals, digital health, and medical devices spaces.

Of course, the magnitude of success does not rest squarely on the shoulders of only pharmaceutical and biopharmaceutical companies – contract service providers are crucial to the health of the life sciences ecosystem. Responding to the heightened complexity of the field, CROs and CDMOs are stepping up to create a more robust environment. For 2023, geopolitical trends seem to be working in their favor; against the backdrop of Sino-Western tensions, Indian service providers are in high demand amongst clients and partners from around the world.

The following pages bring together insights from interviews conducted with over 60 industry leaders whose experiences collectively span all areas of the sector. We would like to warmly thank these executives whose thoughtful contributions were invaluable to the report as well as our association partners at the Indian Drug Manufacturers’ Association (IDMA) and Pharmexcil. We hope you enjoy reading GBR's India Life Sciences 2023 report.