The biotechnology industry in India has 2700 biotech startups and 2500 biotech companies. The industry amounted to US$ 63 billion in 2019 and it is predicted that it will reach US$ 102 billion by 2025 growing at a CAGR of 10.9 percent. The contribution of the Indian biotechnology industry to the global biotechnology market is expected to rise to 19 percent by 2025 from 3 percent in 2017. The current demand for Biotech products has been surging at a very high rate owing to factors such as better efficiency of these products as well as growth in other medical sectors.
The current growth levels of the Biotech industry in India are determined by various factors. One of these includes increased investment of the biotech companies in Research and Development which is evident by the fact that vaccine manufacturing companies developed the Covid-19 vaccine in such short time duration. In order to boost the production of biotech companies state governments have set up policies related to biotechnology and they also provide financial support and other incentives.
The government has also launched PLI scheme in order to promote domestic manufacturing of key starting materials and other critical API’s to reduce dependency on other countries. The government's Atma Nirbhar policy has given a big boost to the biotechnology sector which is encouraging more companies to start business in this sector. Concord Biotech, one of the fastest growing Indian Biotechnology company has played a pivotal role in making India Atma Nirbhar in many of the fermentation products it manufactures and is catering to the needs of India and global markets. Ankur Vaid, Joint Managing Director and CEO, Concord Biotech, says, “Concord Biotech was founded in 2000 and since then it has focused on its core expertise of manufacturing fermentation-based products.
Concord provides an entire basket of products in the therapeutic segment like Immuno suppressants and other niche segments such as Oncology, Anti-infectives & Anti-fungal. Concord is inspected by all major regulatory agencies such as USFDA, EUGMP, Japanese-PMDA etc. and is therefore able to support clients targeting global markets. Concord has one of the largest fermentation facilities globally and is therefore able to provide competitive pricing to its customers with the highest quality standards.”
Fulfilling Customers’ Expectations
Concord Biotech’s primary focus is to prioritize its consumer base by fulfilling all their expectations and continuous improvement based on their feedback. Ankur emphasizes, “Concord has a global leadership position in the API’s it manufactures as it is able to meet the expectation of its clients by providing high quality products at competitive prices. Also, clients targeting global markets prefer to work with companies such as Concord which is having global regulatory approvals.
Concord is also offering a basket of fermentation-based API’s to its clients which helps them to consolidate their supply chain.” Concord Biotech also has a strong pipeline of complex niche fermentation-based API’s to support the formulation development activities of its clients. Therefore, Concord has been able to strengthen the relationship with its clients by meeting their above expectations.
Ankur states, “Concord also has one of the largest
number of Bioreactors in India and has set up one of the world’s largest fermentation based API plant to cater to the growing needs of global customers. This depicts that Concord is in such a place where it can simultaneously operate in both domestic and foreign markets.” Concord Biotech is also working to supply products to overseas pharmaceutical companies in over 50 countries and this is feasible due to the established distribution network in the markets of North America, Australia, Japan, Europe, etc.
we bility to offer products across diversified therapeutic segments and all these products fall under the core proficiency of Concord Biotech. Ankur emphasizes, “Concord is offering complex niche APIs across different therapeutic segments such as Immuno suppressants, Oncology, Anti-fungal, Anti-infectives etc. All these APIs are manufactured by the fermentation process which is the core expertise of Concord. Concord has state of the art manufacturing facility having more than 22 manufacturing blocks within the campus, thus providing the flexibility to manufacture multiple products at same time. The facility is equipped with a diverse range of equipment necessary to manufacture these APIs.”
Concord biotech strives towards creating a holistic business environment by giving equal importance towards benefitting the society and the environment just like its own economic performance
Concord Biotech has a quality management system in place which comprises three departments namely Quality Assurance, Quality Control and Regulatory Affairs. This mechanism ensures that all the manufacturing processes, products and the services offered are in accordance with International standards and guidelines. Quality control department is primarily responsible to ensure that the fiinished product meets the established highest quality standard. The department of Regulatory affairs is responsible for handling the requirements of National and International regulatory agencies. Concord Biotech has also undergone multiple inspections by some stringent regulatory bodies such as USFDA, EU GMP, Japanese PMDA and R&D recognition by DSIR, India.
Research Leading To Development
Concord Biotech has always worked towards highlighting the importance of Research and Development and the same can be seen from the success rate of its product. Ankur implies, “Concord also has a dedicated R&D facility which is approved by DSIR and is equipped to develop APIs and also conducts Contract Research & Manufacturing activities for global biotechnology companies in the area of strain improvement, media optimization and scale up from R&D to pilot and commercial. Concord with its strong R&D capabilities targeting niche complex APIs, is able to provide first to file/market opportunity to support its formulation clients from the very early stages of the product life cycle.”
Responsible Social-Corporate Attitude
Concord Biotech strives towards creating a holistic business environment by giving equal importance towards benefitting the society and the environment just like its own economic performance. Concord is an environment conscious organization and its process framework includes responsibilities such as environmental management and implementation of optimal methods and measures for its preservation. As a responsible corporate, Concord believes in taking all the necessary precautions to help maintain the balance of our Eco-system.
Concord integrates its business values with its social responsibility by ensuring that the communities and villages surrounding its manufacturing facilities along with the people employed by its contractors and suppliers benefit from the company which allows the region to develop further as well as create a sense of trust among Concord Biotech and the surrounding community. Concord Biotech has a clearly defined policy regarding social responsibility which outlines the objectives, procedure for implementation as well as monitoring of those programs. Some initiatives taken by Concord Biotech in furtherance of this cause include education, healthcare, women empowerment, environmental sustainability and rural development projects.
Looking at the Future
The vision of Concord Biotech is to continue to create products through the route of biotechnology that would significantly enrich the lives of customers. Concord Biotech provides a work environment which nourishes creativity and enhances effectiveness which culminates to a productive output thereby allowing the company to meet its goals and fulfill the expectations of its customers. Ankur concludes, “Concord continues to build on its expertise in the area of fermentation. Concord has recently commercialized one of world’s largest fermentation plants for manufacturing of niche fermentation-based products.
Concord plans to increase the capacity of its existing products and also commercialize new fermentation-based APIs. Concord continues to work with global biopharmaceutical companies in the area of contract research and manufacturing. Concord has also vertically integrated to formulation and is supplying its products in India, US and emerging markets.” Concord Biotech aspires to become a global player in the area of biotechnology-based products and establish earnings growth which could be sustained in order to acquire business success in the long run.