Tapping the Untapped Prospects of Life Sciences Sector

Presently ranked at 3rd in the Asia-Pacific region amongst the top 12 biotech destinations in the world, India has a rapidly growing pharmaceutical industry. While the sector for a prolonged period, operated under the umbrella of manufacturing sector or ‘other industries’ and was even considered a standalone facility, it has achieved many milestones in the last two decades. The rising significance of the country’s healthcare and pharma sector received stronger cognition with the COVID-19 outbreak.

Spurred by the need for a vaccine drive to alleviate the crisis, the R&D and manufacturing of drugs and medicines saw accelerated momentum. Quite opportunely, India was fortuitously placed, owing to its inherent strength in the production of vaccines and generic drugs, catering to nearly 62 percent of global vaccine demand. Thus, not surprisingly, India became an integral part of the global ecosystem that addresses the urgent need for vaccines and treatments.

Life sciences sector, owing to several global and local factors, is not only poised for significant growth but also set to drive demand for real estate with the development of R&D centres. The growth and evolution of the life sciences sector relying greatly on R&D facilities, underlines the importance of investments in such projects and we expect a higher quantum of investment in the sector in the forthcoming period. India’s domestic pharma market, as per the Economic survey 2021, is likely to reach USD 65 billion by 2024, while another research pegs its medium term growth to USD 120-130 billion, by 2030. This significant growth expected in the coming years bodes well for the life sciences sector in the country.

With new opportunities rising within this domain, there is a surge in the number of young firms stepping up to set a bench mark with its offerings in the Life science sector. We at siliconindia have taken note of some of these young startups in the Life Sciences space, and have carefully curated a list of ‘10 Most Promising Life Science Startups in India - 2022’. This carefully curated list showcases some of the budding firms who have successfully saved a spot for themselves in this competitive industry. We hope this list helps you in your future endeavours and we achieve our mission.

Your ideas are always welcome!