Last Updated on October 11, 2024 by The Health Master
Stating that India has gained over 19 years of life expectancy in a span of 60 years, leading to a significant rise in lifestyle diseases, the Indian Pharmaceutical Alliance (IP Alliance) has called for Nutraceutical and pharmaceutical industries to come together to provide holistic care to all.
“India is not only the pharmacy of the world but is also one of the very few countries that has added 19 years in terms of longevity, in a short span of 60 years, or two generations.
While this was a milestone achievement in its own right, we are yet to make the move from longevity to wellness. Today, longevity has come with the baggage of lifestyle diseases in India.
“There are over 268 million Indians, suffering from obesity, 264 million from blood pressure, 137 million from cholesterol, and 122 million suffering from diabetes,” said Sudarshan Jain, Secretary-General, Indian Pharmaceutical Alliance.
India is the hub of lifestyle diseases where the nutraceutical industry can play a crucial role in translating longevity into wellness and happiness, said Jain.
He made it clear that this change in health can be brought about, only if nutraceuticals become mainstream and make the transition from being a mere ‘add’ on to a ‘must’.
“This transition can happen only if the nutraceutical and pharmaceutical industries can come together to serve the needs of a varied population, from infants to the elderly, by creating products which are relevant, reliable, and resilient,” Jain added.
Citing the example of Revital and its success in addressing the needs of the entire vertical, he urged the nutraceutical push in a similar direction.
Taking off from where Jain left, Abhijit Basak, associate partner, EY Parthenon, stated that the Indian market was primed for huge growth in the nutraceutical sector, with an increasing number of Indians willing to spend on wellness after the emergence of COVID-19.
Basak said a large number of Indians are worried about family health and added that Indians spend more than 443 million dollars every month on wellness services and products.
Giving out a few more statistics, he said, “Post COVID-19, more than 82 percent of the Indian population is health-conscious as against the previous 57 percent, while almost 94 percent of the population is showing an acute concern for the health and welfare of their family members.”
Basak added that a start-up ecosystem must be developed in India, with the priority on customized products with the focus on the growing D2C model, thereby prioritizing the matrix.
He noted that the Indian consumer’s focus has suddenly shifted from cure to prevention, thanks to the pandemic.
In order to achieve a target of $100 billion, the Indian nutraceutical industry should have to adopt a market-driven and profit-oriented approach. However, experts pointed out that there was a need to make this goal a consumer-driven goal, rather than a consumerist-driven one.
Experts further added that the driving force for this dream to come true would bring the state and the associated ministries into play, to ensure that the political will is there for the 100 billion journeys to be a successful one, both from the manufacturer’s end, all the way to the consumer.
Dr. Rajiv Tandon, the director, of RTI International, said, “There is a need for customized fortification and diversification of products. Products must be developed keeping in mind dietary diversification and contextualizing it on a regional basis and also the various age categories. “
Dr Tandon also pushed for an inclusive approach where all concerned parties are involved in the push forward. He stressed the need to involve players such as local media, to ensure participation from the grassroots as well as information dissemination at every level.
When asked if there was a need for a second Green Revolution to make the nutraceutical dream come true, Dr. Tandon replied, “That is the challenge. Even the first green revolution had its set of challenges.”
Professor Ajay K Sood, Principal Scientific Advisor, Government of India, said that India had all the requirements to make the USD 100 billion, nutraceutical dream come true.
He noted that there was a need for a standardization mechanism to be brought into place and added that, to ensure an encouraging eco-system, there must be more coordination between all the stakeholders and involvement of the academia.
Professor Sood further added that a nutraceutical task force has been formed to help the industry move in this particular direction.
Regarding the presence of India’s nutraceutical industry across the globe, he noted that it was around nine billion dollars as against the global USD 390—USD 400 billion industry.
Amit Srivatsava of Nutrify Today, in his address, made it clear that the Indian players must identify and enter markets across the globe, instead of just restricting themselves to the Indian market alone.
He said, “To target 100 billion dollars, we need to think global and this is where the ASEAN market comes into play.”
Srivatsava also stated that Nutrify Today would help India Inc. in entering markets across the globe. Regarding Malaysia, he said, “It is definitely a launch pad to enter other emerging Asian markets.”
On India’s close cultural ties with South East Asia, Srivatsava stated that they would go a long way in helping the Indian players into the market and beyond.
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