KPMG has recently released a report on “Site Selection for Life Sciences Companies in Asia”. Can you tell us the key findings?
Asia is one of the fastest-growing markets for the life sciences industry. A huge chunk of demand is met by Asian countries alone. Along with this, there has been significant improvement with respect to domestic industries. This report covers key elements of businesses in these countries and discusses the value chain as well.
When it comes to India, we discover that the country has a key advantage such as manufacturing capabilities and cost-efficiency. Recently, there has been several incubators and bio parks launched and with new initiatives launched by the government will increase self-reliance and push growth in this sector. Along with several growth drivers like patent cliff, rise in awareness, we could expect a few challenges to be dealt with on regulatory and quality standards. However, given the government’s focus on improving product quality and liberalised Foreign Direct Investment (FDI) initiatives, the rise of pharma insurance schemes along with incentivisation for R&D will lead to further motivation to make progress in this sector. Conclusively, with collaborations occurring between life science companies, local governments and the academia, the sector will surely reach its true potential.
How do you think that the coronavirus pandemic has enabled India to become the key market in the global life sciences sector?
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