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These results will provide insights from more than 250 global pharma executives, including discoveries such as pharma confidence dipping below the record scores of 2022, although it has remained extremely resilient despite wider macro uncertainly, according to the press release.
Key highlights from the CPHI Pharma Survey were announced as of Oct. 13, 2023, and the full findings will be published at CPHI Barcelona as part of the CPHI Annual Report. These results will provide insights from more than 250 global pharma executives, including discoveries such as pharma confidence dipping below the record scores of 2022, although it has remained extremely resilient despite wider macro uncertainly, according to the press release.
Further, the CPHI Pharma Index reported its second highest ever total, which was 2.5% down on the 2022 all-time high. These results highlight the medium-term trajectory of the industry and the strength of market fundamentals. The United States remained the top overall ranked nation, with India also continuing to make year-on-year inroads for significant growth in 2024. India did, however, remain at the top of the “growth” category for the second year in a row, scoring 7.8 out of 10. It also saw improvements in the score for “biologics quality” and finished behind the United States for “overall competitiveness”. According to the report, India is predicted to undergo a fast transformation from a generics hub to an innovation-focused pharma economy, driven by the incremental steps of large contract development and manufacturing organizations.
One of the more startling discoveries, according to the press release, is that the report predicts that an “India plus one” strategy will be adopted in the next five years. “When you look collectively at the data points in the Annual Survey, you see that after a reset from record scores in 2022—when many reported record profits—the industry is now well positioned for growth in 2024,” said Tara Dougal, Content Director–Pharma, in a press release.
The report also identified that many of the industry’s growth drivers that were seen in 2019 are still present but are now supplemented by the breakthroughs in microbiome therapeutics, while artificial intelligence now looks like the next efficiency used in the industry over the next five years.
“Our analysts predict outsourcing will continue its growth trajectory in 2024 and beyond—which is obviously a tremendously positive message for the industry as we approach CPHI Barcelona,” Dougal said in the press release. “It is also why we have ensured that ‘outsourcing strategies’ are a central theme of this year’s content, and the overall takeaway is of quiet and confident optimism. In fact, this will remain an ongoing theme for CPHI content, helping our audience to meet their objectives around partnering and supplier selection year-round.”
Source: CPHI Barcelona 2023 (email)