Are you wondering what the healthcare and pharmaceutical sector of India will do in 2022?
After successfully delivering results amidst the pandemic, the capability and resilience of India’s healthcare sector have been appreciated world-over. This sector managed to supply 60% of the world’s COVID-19 vaccine requirement. The pharmaceutical sector would want to carry this momentum in 2022 as well. For this, the Organisation of Pharmaceutical Producers of India (OPPI) Director-General K G Ananthakrishnan said that investment in high-risk research and making the industry’s regulatory requirements meet the global standards be the key to success in 2022.
The pharmaceutical industry will be expected to grow by 11% in 2022 and after 2 years it will cross the $60 billion mark. The current market size is around $42 billion.
2021 has been a catalyst for digital adoption in the healthcare sector. The health space has taken the challenge to tackle the problems of affordability, accessibility and availability or the core and foundational problems of healthcare in India. In 2022 the trend will continue and technology in healthcare will be the ‘new normal’ A report by RBSA Advisors mentions that the health-tech market in India is growing at an annual rate of 39% in FY20-23. By 2033, it will reach $5 billion.
A new report says that this sector has attracted more than $1.9 billion in fundings from venture capitalists.
The year also witnessed many acquisitions. Flipkart acquired SastaSundar to launch Flipkart Health+; Reliance Retail buying majority stakes in Netmeds and Tata Group acquired 1MG. Not 1 but 4 healthcare startups made their way into the elite Unicorn Club. They are Pharmeasy, Cure.fit, Innovaccer and Pristyn Care. The proposed IPO size of Pharmeasy was recorded to be around Rs 6,250. The achievements gathered in 2021 makes everyone excited about what will be achieved by this sector in 2022. One thing remains clear, this sector would be a strong contributor to making India a $5 trillion economy.