India could account for 8-10% of work share outsourced to CDMOs by 2033: Report

India is projected to capture 8-10% of the global work share outsourced to Contract Research Development & Manufacturing Organisations (CRDMOs) by 2033, driven by a significant shift of work from the EU and the US to Asia, according to a report by McKinsey & Company. The global Contract Development and Manufacturing Organisation (CDMO) industry is expected to undergo a redistribution of outsourcing across various Asian countries, with India and Korea emerging as key players by 2033. McKinsey's analysis indicates that Indian CRDMOs anticipate that 20-40% of their new business will arise from these geopolitical changes.

Market estimates suggest that the global CRDMO industry, valued at approximately US$ 224 billion, is set to grow to US$ 465 billion by 2032. A partner at McKinsey & Company, Mr. Anirudh Roy Popli, noted that the biopharma sector is increasingly recognizing the advantages that Indian CRDMOs offer. He emphasized that with a strong emphasis on value and innovation, Indian CDMOs are well-equipped to play a critical role in shaping the future of healthcare. Senior Partner at Eight Roads Ventures, Mr. Prem Pavoor, highlighted the significant opportunities presented by the evolving geopolitical landscape and upcoming legislation. While leading Indian bio-pharmaceutical companies are already experiencing an uptick in requests for proposals from US customers, they must ensure they have the necessary infrastructure and services to meet the anticipated increase in demand.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.