In what could be straight out of a Stranger Things episode, an unusual red glow over the Atlantic Ocean set cyberspace abuzz. Thankfully, Indian markets did not play matchy-matchy and closed in the green. SGX INDIA SINGLE STOCK FUTURES SGX Nifty signifies Indian Nifty in Singapore Stock Exchange. With short-dated, there are fewer days of coverage. (theCompany)on Form 10-Q(Form 10-Q)for the period ended October 30,2022 as filed with the Securities and Exchange Commission,I,Richard V.McPhail,Executive Vice President and Chief Financial Officer of theCompany,certify,pursuant to 18 U.S.C.Section 1350,as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,that,to myknowledge:(1)The Form 10-Q fully complies with the requirements of section 13(a)or 15(d)of the Securities Exchange Act of 1934;and(2)The information contained in the Form 10-Q fairly presents,in all material respects,the financial condition and results of operations ofthe Company./s/Richard V.McPhail Richard V.McPhailExecutive Vice President and Chief Financial OfficerNovember 21,2022, Life Sciences in India The Sector of TomorrowINDIAREAL ESTATECBRE RESEARCHMARCH 2023REPORTINTELLIGENT INVESTMENT2 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentContentsSnapshot of the Life Sciences(LS)Sector in IndiaLS Real Estate Clusters in IndiaFavourable Policy Ecosystem Fuelling the SectorAnnexuresGrowth Drivers for the LS Sector in IndiaLS Real Estate Trends in India142536Chapter 1 Snapshot of the Life Sciences(LS)Sector in India3 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentAs the world emerges out from the pandemic,new growth opportunities are unfolding in the LS sector globally with advancements in healthcare,technology and research.As India is one of the fastest growing LS markets of the world,we expect the sector to become a significant contributor to its economic growth over the coming years.The LS sector in India is further divided into three subsectors-pharmaceuticals,biotechnology and medical devices,each of which has played a prominent role in global/domestic markets in recent years(refer figure 1.1).Current Snapshot of the LS Sector in IndiaFigure 1.1:Key stats of Indian LS subsectorsSource:Invest India website updated as of 2022;2021-22 Annual Report of Ministry of Chemicals&Fertilizers,Government of India(GoI);CBRE Research,Q1 2023 Ranks 3rd globally in pharma production by volume Ranks 14th globally in pharma production by value USD 24.4 bn:Total pharma exports in 2020-21 USD 6.7 bn:Total pharma imports in 2020-21 Key segments in India include generic drugs,over-the-counter(OTC)medicines,bulk drugs,vaccines,contract research&manufacturing,biosimilars and biologicsPHARMACEUTICALS Among top 12 biotechnology destinations globally;3rd largest in Asia Pacific Market size crossed USD 80.1 bn in 2022,a 14%Y-o-Y growth Houses more than 760 biotechnology companies Key segments in India include bio-pharmaceuticals,bio-agriculture,bio-industrial and bio-IT&bio-servicesBIOTECHNOLOGY Houses about 750800 domestic medical device manufacturers 65%of the manufacturers in India are mostly domestic players USD 2.5 mn:Total medical device exports in 2020-21 USD 6.4 mn:Total medical device Imports in 2020-21 Key segments in India include consumables&disposables,diagnostic imaging,dental products,orthopaedics&prosthetics and patient aidsMEDICAL DEVICES4 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentThe three subsectors of the Indian LS sector are expected to witness an accelerated growth in the coming years led by various factors such as policy interventions,infrastructure development,foreign direct investments(FDI),improved manufacturing capabilities and access to cost-effective talent pool.A few of the key trends that are already visible in each of these subsectors in India are:Multifold Growth Expected in India across LS Subsectors by 2030Source:Invest India website updated as of November 2022;2021-22 Annual Report of Ministry of Chemicals&Fertilizers,GoI;CBRE Research,Q1 2023Source:Invest India,2022;Indian Pharmaceutical Alliance(IPA),2022;Ministry of Health and Family Welfare,GoI,2022;CBRE Research,Q1 2023 Generic medicines India is the largest supplier of generic medicines with a share of 20%in the global supply Active Pharma Ingredients(API)-The country has 500 API manufacturers,accounting for 8%of the global API industry;90%of WHO pre-qualified APIs are sourced from India Vaccine-India accounts for 60%of the global vaccine demand;65-70%of the WHOs vaccine requirements are sourced from India Biosimilars-India is an emerging hub for biosimilars with over 127 approved variants in the domestic market,higher than any other country Bio-pharmaceuticals-India is one of the largest global suppliers of low cost drugs and vaccines Bio-IT&services-India ranks second globally in the number of US FDA-approved manufacturing plants outside the USA MedTech-Houses more than 250 MedTech startups Personal protective equipment(PPE)kits-India is the 2nd largest manufacturer globally with a production capacity of more than 10 lakh PPE coveralls per dayPharmaceuticalsPharmaceuticalsBiotechnology Medical devices Biotechnology Medical devices More than2.5X growthMore than3.5X growthMore than4.5X growthFigure 1.2:Indian LS subsectors market size forecasts for 203049 bn80 bn11 bn130 bn300 bn50 bnUSDUSDUSDUSDUSDUSD2022202220222030 E2030 E2030 E5 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 2 Growth Drivers for the LS Sector in India6 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentThe fast increasing population and rising life expectancy are likely to expand the need for healthcare services in the country over the coming years.Moreover,a strong industrial base and inclusive government initiatives in terms of policies and infrastructure creation have made the country one of the key potential destinations for the LS sector(refer figure 2.1).Factors Determining India as an Appealing LS DestinationNote:*as of 2022;#forecasted estimates;*Production Linked Subsidy Scheme;proposed Source:World Population Review,2022;National Commission on Population(NCP),Ministry of Health and Family Welfare,GoI,2020;Media articles,Q1,2023;United Nations data,2023;Invest India,2022;Ministry of Finance,GoI,2022;CBRE Research,Q1 2023Figure 2.1:The three pillars of LS growth in India Need to work7 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent Investment1.5 bn Population by 2036#Currently 1.4 bn*;estimated to be largest in the world overtaking China as of Dec 2022;houses 17-18%of global population*USD 132 bn Size of hospital industry by 2023#USD 3 bn Outlay under PLI scheme*78 years Life expectancy by 2050#15%increase as compared to 68 years in 2022USD 13 bn Size of medical tourism industry by 2026#More than double as compared to 20207 bulk drugs&medical device parksUSD 122 mn cap for each bulk drug park;USD 12 mn for each medical device parkDemographicsIndustrial BasePolicy Push17GR growth over 2017-23 for pharmaceuticals,bulk drugs and medical device segments during 2021-26The increasing government spending on healthcare sector is acting as a key catalyst of growth for the LS sector in India.The country also offers cost benefits in terms of affordable manpower and real estate expenses as compared to other global markets.In addition,the availability of large talent pool and a growing number of biotech startups have placed the country in a favourable position to attract global/domestic investments.Factors Determining India as an Appealing LS DestinationNote:#forecasted estimates;*To know more,please download CBRE Indias first publication on the healthcare sector,The Evolving Indian Healthcare Ecosystem:What It Means for the Real Estate SectorSource:World Bank;Economic Survey FY21;Future Generali,2022;Glassdoor,2022;All India Survey on Higher Education,Ministry of Education,GoI,2020;CBRE Research,Q1 2023Figure 2.2:The three catalysts of LS growth in IndiaHealthcare expenditure 2.5%of the GDP by FY 2025-26#1.3 bn sq.ft.additional healthcare space required*by 20302.9 mn additional hospital beds needed by 2030 to match the global bed-to-population average40 bps increase from 2.1%of GDP at present(i.e.,INR 83,000 crore allocated in FY 2022-23)Healthcare NeedsSub dollar rentsfor R&D lab spaceUSD 11,000/year average salaryof LS scientists as of 2022More than 9X cost-efective than USAin LS business parksCost Benefits5,000 biotech start-upsas of June 202212 lakh students enrolled in pharma courses*Between 2015-20Total 800 specialised colleges for pharma courses1,100 start-ups added in 2021Talent Pool8 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 3Favourable Policy Ecosystem Fuelling the LS Sector9 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentThe Indian LS sector is supported by various policies introduced by the central government to boost domestic manufacturing capacity and to increase global exports of pharmaceutical and biotechnology products and medical devices from the country.A few of the key central policies are outlined below:Central Policies Encouraging LS Investments in IndiaFigure 3.1:Key central level policies for the LS sector in India Note:*Key Starting Material;*Drug IntermediatesSource:Ministry of Chemicals and Fertilizers,Department of Pharmaceuticals,GoI,2020-22;Department of biotechnology,Ministry of Science&Technology,GoI,2021;CBRE Research,Q1 2023PLI Scheme for Critical KSMs*/DIs*/APIsMarch 2020FY 2020-21 to FY 2029-30FY 2020-21 to FY 2025-26FY 2020-21 to FY 2024-25FY 2020-21 to FY 2024-25FY 2020-21 to FY 2028-292021-25PLI Scheme for Medical DevicesMarch 2020Scheme for Promotion of Bulk Drug ParksMarch 2020Scheme for Promotion of Medical Device ParksMarch 2020PLI Scheme for PharmaceuticalsNov 2020National Bio technology Development StrategyMarch 2021Financial OutlayUSD 850 mn4-6%incentive based on incremental sales of goods(over base year)manufactured in IndiaFinancial OutlayUSD 2,250 mn4-6%incentive based on incremental sales of goods(over base year)manufactured in IndiaFinancial OutlayUSD 365 mnFinancial assistance for creation of common infrastructure facilities in three bulk drug parksFinancial OutlayUSD 50 mnFinancial assistance for creation of common infrastructure facilities in four medical device parksFinancial OutlayUSD 1,830 mn4-6%incentive based on incremental sales of goods(over base year)manufactured in IndiaTo build human resource and infrastructure capacity to cater to the sectors requirements10 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentIn addition to the central level policies,various state governments have also been giving an enormous push to the LS sector over recent years,complete with dedicated policies and LS cluster developments.Below is a snapshot of key state level initiatives and incentives in the primary and secondary LS markets in India. Before we answer this question, it is important to understand belowfacts: 1) Indian stock markets (NSE & BSE exchanges) only allow stock tradingbetween 9:15am to 3:30pm on weekdays only. 2023 Boston Consulting Group1Climate technologiestechnologies that accelerate decarbonizationare essential to limiting globalwarming.Despite the many attractive opportunities for investing in clean tech,global investmentscontinue to fall short.As a result,many of todays companies lack the technologies they need todecarbonize their operations and value chains.At the current level of investment,the second wave ofclimate technology innovation will follow the long and winding path of wind and solar:scaling up andreducing carbon emissions over 20 to 30 years.Ushering in the Next Generation ofClimate TechnologyAPRIL 18,2023 By Thomas Baker,Bahar Carroll,Greg Fischer,Karan Mistry,Paulina Ponce de Len Barid,and TinaZuzek-ArdenREADING TIME:12 MIN1 2023 Boston Consulting Group2But we do not have 20 to 30 years.To reduce emissions and avoid the worst impacts of climate change,we need to spend$3.5 trillionevery year on climate technologies.Starting now.Public and philanthropic funding alone cannot fill thisgiant gap.But public and philanthropic funding combined with market-shaping mechanisms designedto accelerate the development and scaling of climate technologies can.
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