Express Pharma

Co-creating a smart ecosystem for pharma

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India Pharma Inc needs to build a more efficient and innovation-centric ecosystem which is aligned with global trends and requirements By Lakshmipriya Nair

It is all about ‘smart ecosystems’ these days. Most conversations in every industry revolve around creating one and sustaining it to leapfrog progress. But, how should the pharma industry go about doing it? Well, the answer to this question lies in our understanding of the word ‘smart’. In this era of digitalisation, people often associate it with the deployment of ICT technologies that enable various elements in any given environment to integrate and interact to improve productivity and efficiency. Yet many, including us at Express Pharma, believe that a ‘smart ecosystem’ involves not just technology but also people, their strategies and collaborations.

As Tom Malone, American organisational theorist, management consultant, and Professor of Management at MIT Sloan School of Management highlights, “A lot of the most important innovations in the next couple of decades will not be innovations in technology itself but innovations in how people work together.”

Annam Visala

Therefore, in our recently organised Hyderabad Pharma Summit, we chose the theme, ‘Co-creating a smart ecosystem for pharma’, with a focus on this larger definition. And, as Express Pharma continued with its quest to enable accelerated growth in India Pharma Inc by optimising the immense potential in various pharma hubs across the country, this thought-leadership platform in Hyderabad brought regulators, industry stalwarts and game-changers together to deliberate on the creation of a ecosystem which would be aligned with and responsive to global trends and requirements.

In this article, we share some of our key learnings from the event:
Constructive engagement between regulators and industry is vital — In a complex stakeholder environment like the pharma sector, only an effective relationship between regulators and industry can help to serve the interests of all and usher excellence. This message was clearly reiterated as Annam Visala, Deputy Drugs Controller India, Hyderabad Zonal Office CDSCO, the keynote speaker gave a detailed overview of the various endeavours by the regulatory body for the advancement of India’s pharma sector such as measures to make the country a hub for R&D. She also spoke at length on the need for these steps and how they can raise the reputation of India Pharma Inc globally.