COVID-19 took the entire world by surprise in early 2020. It impacted all aspects of life globally and brought to fore several important areas. The pandemic clearly highlighted the importance of a strong health care system, the lack of which can put an entire nation’s economy and society at risk.
Life sciences and health care industry played a crucial role in enabling the containment of COVID-19 and management of the affected patients. Within a short span of time many new diagnostic tests were launched, and drugs were made available. Due to collaborative efforts of the industry and the regulatory bodies, vaccines were also launched in less than a year.
During this time, India made immense contribution by supplying drugs and vaccines to several countries. The pandemic has accelerated several opportunities and challenges for the industry. To emerge as a winner in the post-pandemic world, the industry needs to continue building on its strength and at the same time make a giant leap towards innovation. New capabilities need to be introduced across the business functions to bring efficiencies and to help industry move up the value chain. Government also needs to provide the right enablers and business environment conducive for growth.
As the Indian life sciences industry develops its future growth strategy, it is the right time to assess our current position globally and identify key focus areas. BioAsia 2021 explores industry’s current and future potential and aims to identify areas where we need to ‘Move the Needle’ immediately.