Growing healthcare needs

While India has the highest number of young people, ageing is rapidly progressing. The current elderly population of 153 million (aged 60 and above) is expected to reach a staggering 347 million by 2050. This increasing ageing population is a leading growth driver for the life sciences sector.

An ageing population enhances the incidences of diseases, thereby signifying an increasing need for innovative treatment methods, advance medical devices and biotechnology solutions. With so many opportunities, the scope for investments, growth and development will only rise.

A skilled talent pool

India has the highest population of young people in the world, most of whom are educated, skilled and ready to work. The life sciences workforce comprises of people in innovation, research & development, production, scientists, engineers and other health professionals. These skilled professionals stand as a pillar of strength when it comes to meeting the country’s healthcare needs. This, in turn, boosts the sector’s economy and also helps us meet global requirements.

It is also this vast talent pool that has led to global organisations choosing to set up operations in India, to get easy access to talent across the country.

Cost competitiveness

One of the key factors that has increased the number of investments in India and also given a boost to medical tourism in the country is its cost effectiveness. Access to skilled yet affordable labour, competitive operational costs and cost-effective manufacturing costs encourage global investors and global companies to set up operations in the country.

To add to these, India’s real estate sector – the second largest employer in the country is also making strides in supporting the growth of the life sciences sector.

While the growth of the life sciences sector looks promising, it also comes with its own set of challenges that need to be addressed. These challenges include financing gaps and hurdles in regulations. These challenges can create a divide between the private and public sector players, further delaying the life sciences sector’s progress.

However, these challenges also come with new opportunities. There is immense potential for collaboration between the real estate and life sciences sectors, which could result in the creation of high-value jobs, economic growth, and improved healthcare access.

Another great opportunity to explore is the adoption of new technology. With innovations like Artificial Intelligence (AI) establishing their presence, India is fast adopting to these new technologies. These technologies also hold immense potential for the life sciences sector. For example, AI can be used to diagnose and treat illnesses, build supply chain efficiencies and much more.

India’s life sciences sector can grow at a phenomenal pace. The country’s affordability, government initiatives and access to a skilled workforce make it one of the best for investment and operational set-ups for the life sciences sector. And when this is synergised with the real estate sector’s growth, it will only propel innovation, bring in more capital and boost economic growth.