The health science industry in India is today a strong forerunner in the country's industrial scenario, particularly in science-based industries. Over the past few decades, this industry has been growing constantly and consistently -- thriving successfully in the Indian and global markets. A huge volume-based industry, the health science industry has been growing in strength in almost all fronts- in research and development, indigenous manufacture bulk drugs, intermediates, solid and liquid formulations, chemicals etc.
With a growing demand for newer, qualitative and cost-effective products, India has been able to successfully carve a niche for itself as a reliable and a qualitative player in the health science industry, globally. Today, India plays a key role in the development, sustenance and promotion of key and critical medicine groups in the international markets and has firmly entrenched itself in the dynamic and highly sophisticated global pharmaceutical industry.
Some of the factors that have contributed to this success are the strong intellectual capital, focus on R&D, competent manpower, investment towards state-of-the-art manufacturing facilities, etc. One of India's strength also has been its adaptability towards the shifting trends in the global markets. With the emergence and rise of horizon industries like biotech, nutraceuticals, India has also been able to broaden its focus to emerge as a pioneer and a front-runner in these new industries as well. With its inherent quality of innovation, rich scientific talent, research capabilities and intellectual properties, India is poised to make a mark in these emerging industries.
The nutraceutical industry, which is fast gaining momentum globally, is fundamentally built on upon a wide variety of ingredients designed to improve our daily lives. This is done with traditional supplements such as vitamins and minerals, and non-traditional supplements such as plant extracts, animal extracts, and other synthetic ingredients with proven or potential health benefit. America, which has been responsible for the genesis of this industry, continues to be the driving force of this industry even today and is the largest market for the $ 65 billion industry, followed closely by Japan and Europe. The paradigm of global nutrition industry is changing rapidly with consumers seeking preventive and supportive healthcare in quest towards long and healthier lives. With the advent of newer killer diseases, preventive and supportive healthcare therapies are being prioritized in consumer purchase patterns and the nutraceutical industry is predicted to grow by ten-folds in the next decade in the developed and developing countries.
Today, the market is being driven by a growing consumer understanding of the link between diet and disease, aging populations, rising healthcare costs, advances in food technology and nutrition and expanding scientific and clinical research, validating the effectiveness of functional foods and nutraceuticals in preventing diseases. The disease targets for nutraceuticals include cholesterol reduction, cardiovascular disease, osteoporosis, paediatrics, hypertension, diabetes, gastro-intestinal disorders, menopause and lactose intolerance. These conditions can be treated by food ingredients and these products have demonstrated sustainable demand.
For the last couple of decades, several pharmaceutical majors in India have been aggressively marketing and supplying nutraceutical products like protein powders, vitamin concoctions, minerals, herbal formulations etc.
The sales revenues of these products account for around one tenth of the total Indian pharmaceutical industry's revenues, which is estimated to be approximately around Rs 25,000 crores. But now, with the strong emergence of a separate industry in the Western markets, Indian pharma majors are all poised to adapt a strong and individual positioning on the new generation nutraceuticals.
Today, in India the pharmaceutical companies, government, the agri-food sector and the research community are enthusiastic about the potential of these innovative food products to improve citizen's health, increase jobs, help growers diversify, reduce healthcare costs and contribute to increased sales of high value-added products in domestic and international markets. Companies like Sami Labs, Parrys, Amway, Dabur, Alembic, Ranbaxy etc are some of the pioneering companies that are currently engaged in research and development and marketing these products.
Even as the industry is thriving and investing huge resources towards building better and larger product portfolios to harness the markets, the industry in India in faced with larger challenges. In India, there is lack of regulatory guidelines for these products and the need of the hour is immediate legislation for this industry.
Research efforts are needed across a broad spectrum of scientific, clinical and engineering areas that will support health claims, and encourage the development and commercialization of products, processes and technologies that will give India the competitive edge for this new emerging industry and economy.
The health benefits and disease risk reduction properties of food components, is a growing area of research worldwide. There is an urgent need to hone our skills in the R&D area. Current training and skill sets of our research and scientific base needs to be upgraded to face the increasing challenges.
Although India's functional food and nutraceutical industry has been experiencing considerable growth over the last few years, the country is currently lagging behind in comparison to the developed markets. Organizations need to set aside a considerable amount of resources to create widespread generic awareness in the medical community and the consumers on the positive benefits and advantages of nutraceuticals.
Conclusively, it can be said that the nutraceutical industry in India, with its continued and consistent research, can lead to enormous benefits such as safe, reliable and clinically efficacious products which could lead to improved quality of life coupled with reduced healthcare costs. Nutraceuticals represent a new, important health sector. Research is necessary to deliver the benefits of nutraceuticals. Clear and reasonable legislatures should be made mandatory while making health or medical claims. This would encourage the industry to perform better and demonstrate the benefit and safety of nutraceuticals.
With the nutraceuticals sector poised to be the next sunrise industry, India pharmaceutical majors would be in a position to offer a complete healthy and quality lifestyle to the consumers.
- (The author is chief executive officer, Formulations, Sami Labs Limited