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1、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 IndiaFavo

2、urable 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 emer

3、ges 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 c

4、oming 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 India

5、n 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

6、 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

7、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 manufacture

8、rs 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 RESEAR

9、CH2023 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(

10、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 A

11、nnual 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

12、 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 I

13、ndia 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

14、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 Me

15、dical 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 Th

16、e 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

17、 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 D

18、estinationNote:*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,

19、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 202

20、2;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 de

21、vice parksUSD 122 mn cap for each bulk drug park;USD 12 mn for each medical device parkDemographicsIndustrial BasePolicy Push17%CAGR 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

22、 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 fa

23、vourable 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

24、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 he

25、althcare 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 sci

26、entists 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

27、.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 centr

28、al 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 leve

29、l 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*/APIs

30、March 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 Pharm

31、aceuticalsNov 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 IndiaFi

32、nancial 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 incremen

33、tal 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 gove

34、rnments 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.*In a few cases,though the policies do not

35、 directly mention about a particular incentive,an indication of indirect initiatives has been consideredSource:Respective state government websites;Invest India website updated as of November 2022;CBRE Research,Q1 2023State-level Policies are Additional Investment MagnetsFigure 3.2:Key state-level p

36、olicies for the LS sector in India 11%29%Haryana Pharmaceutical Policy,2019Uttar Pradesh Pharmaceutical Industry Policy,2018Rajasthan MedTech and Bulk Drug Policy,2021Karnataka Biotechnology Policy,2017Gujarat Biotechnology Policy,2022 Telangana Life Sciences Policy,2015Odisha Biotechnology Policy,2

37、018Tamil Nadu Life Sciences Policy,202211289647352Himachal PradeshMadhya PradeshMaharashtraAndhra PradeshLEGENDLand-related incentivesInfrastructure developmentCapital subsidies/capital interest subsidiesStamp duty exemptionsTax benefitsSingle-window clearance/ease of approvalsStates with dedicated

38、LS policiesExisting medical devices clusters3 Bulk Drug Parks proposedHimachal Pradesh,Gujarat and Andhra Pradesh4 Medical Devices Parks proposed Tamil Nadu,Madhya Pradesh,Uttar Pradesh,Himachal PradeshPRIMARY LOCATIONS 1.Hyderabad2.BangaloreSECONDARY LOCATIONS 1.Mumbai2.Pune3.Delhi-NCR4.Chennai5.Ah

39、medabad6.Vadodara7.Visakhapatnam8.Valsad9.Ankleshwar11 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 4LS Real Estate Clusters in India12 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLS company po

40、rtfolios typically consist of four major components,namely R&D laboratories,logistics facilities(including cold storage),manufacturing facilities and corporate offices,as detailed below:Key Components of LS Real Estate PortfoliosBiotechnology R&DGenetic engineeringCell engineeringEnzyme engineeringF

41、ermentation engineeringProtein engineeringRaw materialsPlasmaCell culture geneAntibodies and enzymesLow serum medium AntigenBiomedical manufacturingGenetically engineered drugVaccinesBlood productsDiagnostic reagentLogistics and salesDistributors/3PL playersLogisticsWholesalersConsumersR&D labsResea

42、rch organisationsPharmaceutical companiesPharmaceutical companiesUniversitiesHospitalsDistributors/3PL firmsPharmacies/Retail shopsOficesLS parksSmall-sized manufacturing plantsLarge-sized manufacturing plantsOficesLS parksPharmaceutical companiesPharmaceutical companiesResearch organisationsLS park

43、sOficesLS parksIndustrial parksIndustrial parksOther chemical raw materialsCold ChainLogisticsIndustrial parksSource:CBRE Research,Q1 2023Real estate asset types that house LS companies:Components of LS company portfolios:LS parkIndustrial parkOfficeRetailR&D laboratoriesLogistics facilitiesLarge-si

44、zed manufacturing plantsSmall-sized manufacturing plants13 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentPharmaceuticals is a highly regulated industry and entails numerous regulatory approvals,including the registration of manufacturing plants and Goo

45、d Manufacturing Practices(GMP)certifications.An analysis of the WHO-GMP*certified pharmaceutical manufacturing plants in the country revealed that as of 2019,Gujarat housed the highest number of WHO-GMP certified pharma manufacturing plants followed by Maharashtra,Himachal Pradesh and Telangana.Furt

46、her,Uttarakhand,Tamil Nadu,Karnataka and Andhra Pradesh are also major manufacturing hubs(refer Figure 4.1).Moreover,India ranks second globally in terms of the number of US FDA-certified plants located outside the US,closely following China(refer Figure 4.2).LS Manufacturing Well Supported by Pharm

47、aceutical Clusters in IndiaFigure 4.1:Geographical distribution of WHO-GMP-certified plants in India(as of 2019)Figure 4.2:Percentage of US FDA-certified plants located outside the US(as of May 2022)HimachalPradeshUttarakhandMaharashtraTelanganaAndhraPradeshTamil NaduKarnatakaGujaratLowestHighest19%

48、8%5%5%4%4%4%3%3%3%2%2%2%18%18%Source:Central Drugs Standard Control Organization(CDSCO),2019;CBRE Research,Q1 2023*World Health Organization Good Manufacturing PracticesSource:US Food&Drug Administration,May 2022;CBRE Research,Q1 2023ChinaIndiaSouth KoreaCanadaFranceGermanyItalyMexicoUnited KingdomJ

49、apanSpainSwitzerlandIrelandTaiwanOthers14 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentTelangana leads with the highest number of US FDA-certified plants,followed by Maharashtra,Gujarat,Andhra Pradesh,Karnataka and Tamil Nadu.Other states with a sizea

50、ble presence include Madhya Pradesh and Himachal Pradesh.A further analysis of the type of operations revealed that while Gujarat is the topmost state for general manufacturing,Telangana is the leading state for analysis and API manufacturing.Telangana,Maharashtra and Gujarat are the Key Export Clus

51、tersFig 4.3:Distribution of US-FDA certified plants in India(as of May 2022)Fig 4.4:Distribution of US-FDA certified plants by type of operations(as of May 2022)HimachalPradeshMaharashtraTelanganaAndhraPradeshTamil NaduKarnatakaGujaratLowestHighestMadhya PradeshSource:US Food&Drug Administration,May

52、 2022;CBRE Research,Q1 2023*indicates production of finished pharmaceutical products *indicates production of an active ingredient in any pharmaceutical productSource:US Food&Drug Administration,May 2022;CBRE Research,Q1 2023GujaratMaharashtraTelanganaKarnatakaOthersTelanganaAndhra PradeshMaharashtr

53、aKarnatakaOthers22%15%8%40%25%18%17%23%15%17%Manufacturing*API Manufacturing*15 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentIndia has about nine biotechnology clusters at various stages of development,located in Karnataka,Telangana,Tamil Nadu,Gujarat

54、,Uttar Pradesh,Kerala,Chhattisgarh and Jammu&Kashmir.Below is a snapshot of select biotechnology clusters in the country along with an indication of the availability of real estate facilities such as office spaces,manufacturing units,R&D lab spaces and logistics&cold storage facilities.Source:Depart

55、ment of Biotechnology,GoI;CBRE Research,Q1 2023*PPP Public Private Partnership;*for R&D lab space LS Parks Facilitate Office,Manufacturing,R&D and Logistics RequirementsFigure 4.5:Key LS Parks in India11%29%CityLucknowLS clusterBiotech Park,LucknowYear of setup2002CategoryEstablished clusterOwnershi

56、pGovernmentCityVadodaraLS clusterSavli Biotech ParkYear of setup2007CategoryEstablished clusterOwnershipGovernmentCityChennaiLS clusterTICEL Bio ParkYear of setup2004CategoryEstablished clusterOwnershipGovernmentCityBangaloreLS clusterBengaluru LS ParkYear of setup2022CategoryEmerging clusterOwnersh

57、ipA PPP*between the Government of Karnataka and private entity Labzone CorporationOther key clustersSyngene Park,BIOCON CampusCityHyderabadLS clusterGenome ValleyYear of setup1999CategoryEstablished clusterOwnershipGovernment land allotments to various private companiesOther key clustersMedical Devi

58、ce Park at Sultanpur,Hyderabad Pharma CityUttar PradeshTamil NaduTelanganaKarnatakaGujaratOffice spacePrimary marketsSecondary marketsManufacturing unitsR&D lab spaceLogistics&cold storage facilities16 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLead

59、ing LS companies in India prefer to operate from large-scale parks that can meet both their office and R&D needs.Startups and MSMEs are also increasingly opting to locate themselves in parks with a clear industrial positioning and abundant R&D resources.Thus,site selection plays an important role fo

60、r the successful functioning of any LS park catering to various occupier requirements.What do Occupiers Look for in LS Parks?Figure 4.6:Site selection strategy for LS clustersHigh industry concentrationPresence of upstream and downstream industriesHigh quality clinical resources and laboratoriesSupp

61、ortive central&state policiesPromotion of industrial clustersTransport:Last-mile connectivity,shuttle services,public transportation and parking spacesEnvironment:Green/open spaces and amenitiesCore:Ofice spaces and R&D labsOthers:Exhibition centres,conference rooms,leisure spacesIndustrial land wit

62、h environmental clearances and a non-contentious titleCompliance with general requirements and building technical codes for biosafe laboratoriesDedicated space for biohazard disposal solutionsSingle storey factory with cleanroomStrict security to prevent theft or leakage of R&D data5.0 m floor heigh

63、t(including space for R&D equipment installation)Electrical Supply:200-650 W/sq.m.Floor Loading:500 1,500 kg/sq.m.Ceiling Bearing:to accommodate air handling unit(AHU)LocationPolicyAmenitiesFunctionLand TitleProperty TypeSpecifications*Note Specifications can vary basis the type of facility(drug sub

64、stance/drug product/an Oral Solid Dosage(OSD)facility)Source:CBREs Shanghai Pharmaceutical&LS Industry Report,2021;CBRE Research,Q1 202317 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 5LS Real Estate Trends in India18 CBRE RESEARCH2023 CBRE,IN

65、C.Life Sciences in India The Sector of TomorrowIntelligent InvestmentSustained Leasing Activity by LS Firms over the Last Two Years;Healthcare Companies a Key DriverFigure 6.1:Annual space take-up by LS companies(2019-2022)Rank indicates the LS sector position in overall pan-India leasing as compare

66、d to other sectorsFigure 6.2:Sub-sector-wise leasing by LS companies(2019-2022)0%1%2%3%4%5%6%7%0.00.51.01.52.02.53.020192020Rank 8Rank 7Rank 6Rank 620212022(%share)(in million sq.ft.)LS space take-up in mn sq.ft.LS sector share in pan-India leasing0.00.40.81.21.62.02019202020212022(in million sq.ft.

67、)PharmaceuticalsBiotechnologyMedical devicesHealthcareSource:CBRE Research,Q1 2023Note:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt include industrial&logistics(I&L)/R&D spacesSource:CBRE Research,Q1 2023Similar to other sectors,office s

68、pace take-up by LS companies saw a short-term slow down in 2020 owing to pandemic-related disruptions(refer figure 6.1).However,the leasing activity crossed the pre-COVID levels in 2021 and 2022,led by healthcare firms(refer figure 6.2).Leasing by medical device firms peaked in 2020 due to increased

69、 demand for safety and diagnostic kits during the outbreak of the pandemic.Cumulative space take-up by LS firms during 2019-22 8.6 mn sq.ft.19 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentHyderabadCities with LS Infrastructure and Research Institution

70、s are Largely Preferred by LS Firms;Small-sized Deals Dominated across CitiesFigure 6.3:City-wise share in office leasing by LS firms(2019-22)Source:CBRE Research,Q1 2023Source:CBRE Research,Q1 2023Note:Small sized deals indicates transactions less than 50,000 sq.ft.HealthcareMedical devicesPharmace

71、uticals*Note Others include Ahmedabad,Pune,Kolkata and KochiNote:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt include I&L/R&D spaces38%8%5%8%19%22%BangaloreDelhi-NCRHyderabadChennaiMumbaiOthers8.6 mn sq.ft.Figure 6.4:Key LS sector leasin

72、g trends in top five cities BangaloreDelhiChennaiMumbaiProminent sub-sectorsCitiesLed by the presence of large LS clusters,grade A office spaces,quality R&D labs,incubation centres and research institutions LS companies largely prefer Bangalore followed by Delhi-NCR and Hyderabad for office space ta

73、ke-up in India.Share of small sized deals(2019-22)53%76%57%95%100%20 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLS Firms Displaying Appetite for Expansion in India;Bangalore,Hyderabad and Delhi-NCR are Mostly PreferredFigure 6.5:Deal type analysis o

74、f LS space take-up(2019-22)Figure 6.6:City-wise deal type analysis(2019-22)Source:CBRE Research,Q1 2023Source:CBRE Research,Q1 2023ExpansionNew entrantsRelocationConsolidation&expansionRelocation&expansion56%33%7%3%1%8.6 mn sq.ft.EXPANSIONNEW ENTRANTSRELOCATIONCONSOLIDATION&EXPANSIONRELOCATION&EXPAN

75、SIONHealthcare firms accounted for more than half of the expansions followed by pharmaceutical companies with a share of almost one-third of expansions during 2019-22.More than three-fourths of the new entrants during 2019-22 were also from the healthcare sub-sector.BangaloreDelhiDelhiBangaloreChenn

76、aiHyderabadBangaloreBangaloreDelhiHyderabadAhmedabadPlease refer to annexure for definitions of expansion,new entrants,relocation,new lease,consolidation&expansion and relocation&expansionNote:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt

77、 include I&L/R&D spaces21 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentBangaloreAmerican and EMEA LS Firms are Expanding in India,while APAC and Domestic Companies are Entering New CitiesFigure 6.7:Regional share in LS space take-up(2019-22)Figure 6.8

78、:Top cities preferred by regional LS firms(2019-22)Source:CBRE Research,Q1 2023Note:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt include I&L/R&D spacesSource:CBRE Research,Q1 202356%24%19%1%AmericasEMEAAPACDomestic8.6 mn sq.ft.AMERICASEM

79、EAAPACDOMESTICExpansions constituted more than half of the space take-up by American LS corporates during 2019-22,followed by new entrants(30%).Space take-up by EMEA LS firms was also largely led by expansions(83%)followed by new entrants(13%).New entrants accounted for almost 60%of the space take-u

80、p by APAC LS firms during 2019-22 and 23%involved relocations within the cities.Domestic LS firms had an almost equal share of new entrants(37%)and expansions(35%)during the same period.BangaloreDelhiBangaloreHyderabadMumbaiDelhiDelhiDelhiHyderabadHyderabadKolkata22 CBRE RESEARCH2023 CBRE,INC.Life S

81、ciences in India The Sector of TomorrowIntelligent InvestmentLS is one of the top alternate real estate choices for investors across the globe a trend we have tracked over the past few years.In our latest APAC Investor Intentions Survey 2022,healthcare-related properties,including LS assets were nam

82、ed the most popular alternate segment,overtaking Data Centres(DCs)for the first time since the survey began.Below is a lowdown of a few key LS investments announced in 2022.LS on Investors Radar Figure 6.9:Key LS investments in 2022INVESTORINVESTMENTDETAILSSource:Media articles,2022;CBRE Research,Q1

83、 2023Note:Average exchange rate as of February 2023-1 USD=82.1 INRAurobindo Pharmas CuraTeQ BiologicsRx PropellantINR 300 crore(USD 37 million)INR 1,100 crore(USD 134 million)Expansion of manufacturing facilities in India(Planned)Development of 0.9 mn sq.ft.lab space at Genome Valley in Hyderabad(Pl

84、anned)Partnership(for a minority stake)with MedGenome in Bangalore(Signed)Expansion of three manufacturing facilities in Genome Valley Hyderabad(Planned)Partnership with Accumax Lab Devices in Ahmedabad (Signed)Structured debt funding for API Holdings,the parent company of PharmEasy(Planned)INR 400

85、crore(USD 50 million)INR 1,800 crore(USD 220 million)INR 520 crore(USD 68 million)INR 2,700 crore(USD 350 million)Biological ECreador India Life Sciences FundGoldman SachsNovo HoldingsSep 22Oct 22Aug 22Jul 22Jun 22May 2223 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntel

86、ligent InvestmentLS Parks-Real Estate Outlook Indicators for Next Three Years Entry and expansion of global/domestic developers Increase in cluster developments such as bulk drug parks,medical device parks,pharma cities etc.with best-in-class R&D facilities Rental growth would be led by the LS secto

87、ral demand in the short to medium term and the resulting impact of fitout costs Increasing space take-up by pharmaceuticals,biotechnology,medical device and health care firms in the coming quarters.Select companies are also considering taking up flex spaces Higher preference for BTS developments wit

88、h plug&play features and ESG standards Dip in vacancies expected to be led by flight to quality leasing in new-age LS parks in the medium to long term Costs expected to continue to rise,but marginally.This is because inflationary pressures are widely expected to abate in 2023.This,alongside the reso

89、lution of supply chain disruptions and more active policy interventions from the government,might limit hikes in material prices NEW SUPPLYRENTSPACE TAKE-UPVACANCYFITOUT/CONSTRUCTION COSTS24 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentFuture Strategi

90、es for LS Occupiers Capture the current leasing market to optimise portfolios before a full post-pandemic recovery Adopt hybrid work policies and activity based working to align with the changing employee requirements if applicable Need-based leasing of flex spaces Enhance distribution networks and

91、last-mile efficiencies Partner with 3PL players to improve supply chain networks Target suitable facilities or partner with landlords to enhance assets Leverage government incentives to strengthen R&D capabilities Increase R&D footprint in LS parks Focus on co-labs and incubators to support start-up

92、s Leverage government incentives to strengthen manufacturing capabilities Enhance distribution networks and last-mile efficiencies Partner with 3PL players to improve supply chain networks Target suitable facilities or partner with landlords to enhance assetsOFFICELOGISTICS/COLD STORAGE FACILITIESR&

93、D LABSMANUFACTURING FACILITIES25 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 6Annexures26 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentTechnical Specifications of a Typical LS Park in Bangalore

94、Project Features Leasable area:0.9 mn sq.ft.Typical floor size:63,000 sq.ft.No.of floors:G+14 Refuge floors:5th,8th,11th and 14th floor7,311 kVA from BESCOM and 100%DG backup(2,000 kVA X 5 primary+1 standby)High performance faade425 TR x 5(4 primary+1 standby)water-cooled screw chillers with MERV 14

95、 filters11 X 10.2 m grid410 KLD with MBR system12 passenger elevators with destination control systemsAs per the NBC&local fire authority norms4.2 m 80%Building area and floorsPowerFaadeAir conditioning systemGridSewerage Treatment Plant(STP)ElevatorsFire&safetyFloor to floor heightBuilding efficien

96、cyANNEXURE IPlease refer to Annexure III for full forms of the abbreviations given27 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXURE ITechnical specifications of a Typical LS Park in IndiaWarm Shell 0.8 kVA/100 sq.ft.on total leasable area(varie

97、s as per client requirements)425 TR*5(4W+1 standby)water cooled screw chillers MERV 14 filters are provided as per WELL certification requirement Considered as per ASHRAE 62.1 standard and additional 30%as per WELL certification requirement Typical office floor load design-4.5 kN/sq.m.Ground,first,s

98、econd floor load design-7.5 kN/sq.m.Each office floor grid load design-10 kN/sq.m.for servers and other loads Basement parking area load design-5.0 kN/sq.m.Designed as per NBC 2016 and fire NOC obtained by the department100%power backup(2,000 kVA X 5+1 standby)1,100 kgCapacity of 410 KLD with MBR te

99、chnologyEvery 7,750 sq.ft.Raw powerHVACFire detection and protection systemFloor load designPower backupOWC capacitySTPCar parkPlease refer to Annexure III for full forms of the abbreviations given28 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXU

100、RE IICase Study:Lease Terms of R&D Spaces in Hyderabad Traditional Office SpacesLS R&D SpacesRent(INR/sq.ft.month)CAM(INR/sq.ft./month)Security Deposit(no.of months)Lock-in periodLease Tenure50-758-1560-8515-226 months6 months5 years5 years3 years3 yearsSource:CBRE Research,Q1 202329 CBRE RESEARCH20

101、23 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXURE IIIKey Terminologies in the LS SectorTERMDEFINITIONPharmaceuticalsInvolves creation of medicines from chemicals and synthetic processesBiotechnologyInvolves technology that derives products from the extraction or

102、 manipulation of living organismsMedical devicesAny instrument,apparatus,implement,machine,appliance,implant,software,material etc.,intended to be used,alone or in combination for a medical purposeMedicine vs.DrugMedicine is a substance or preparation used in treating disease,while drug is intended

103、to bring change in normal physiological functions of bodyMedicines have only positive impact on the body,while drugs may have both positive/negative impactNote-All medicines are drugs but all drugs are not medicinesBiologicsDrugs that contain components from living organisms such as humans,plants,an

104、imals,and microorganismsBiosimilarsBiosimilars are not new drugs,but rather they are copies of biologic drugs that have been used to treat several diseases and conditionsActive Pharmaceutical Ingredient(API)Active components of any drug that produces the intended effect.A raw material/intermediate u

105、sed in the production of an API;incorporated as a key structural fragment of APIKey Starting Material(KSM)A raw material/intermediate used in the production of an API;incorporated as a key structural fragment of APIDrug Intermediates(DIs)Raw materials used for the production of bulk drugs;not necess

106、arily an integral part of active substancesGeneric drugsA generic drug is a medicine created to be the same as an already marketed brand-name drug in dosage form,safety,strength,route of administration,quality,performance characteristics,and intended usePatent vs.Generic drugsA drug which is protect

107、ed by patent is a patent drug and the drug which is a copy of branded drug and is equivalent in terms of safety,efficacy,dosage and use is called a generic drugBulk Drug ParkClusters/space with common infrastructure facilities for the exclusive manufacture of APIs/DIs/KSMMedical Device ParkClusters/

108、demarcated areas for manufacturing of surgical equipment,diagnostic equipment such as cardiac imaging,CT scans,X-ray,molecular Imaging,MRI and ultrasound-imaging including handheld devices;life support equipment such as ventilator,etc.;and implants and disposablesUSFDAU.S.Food and Drug Administratio

109、n;a federal agency within the US Department of Health and Human Services,which is the primary regulating body for food and drug substancesUpstream industriesIndustries related to raw material inputs/pre-manufacturing requirementsDownstream industriesIndustries related to post-manufacturing activitie

110、s such as retail,wholesale and services;deals with distributing the product to the final customerSource:Food and Drug Administration;Organisation for Economic Co-operation and Development;various LS-related websites;CBRE Research,Q1 202330 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector

111、 of TomorrowIntelligent InvestmentANNEXURE IIIAbbreviationDefinitionsABBREVIATIONTERMFULL FORMDEFINITIONkVABESCOMDGTRKLDMBRNBCHVACMERVASHRAESTPOWCkNExpansionNew entrantsRelocation Consolidation&expansion Relocation&expansionKilovolt-ampereBangalore Electricity Supply Company LimitedDiesel GeneratorT

112、on of refrigerationKilo litres per dayMembrane BioreactorNational Building CodeHeating,Ventilation,and Air ConditioningMinimum Efficiency Reporting ValueAmerican Society of Heating,Refrigerating and Air-conditioning EngineersSewerage Treatment PlantOrganic Waste ConverterKilonewtonAdditional space t

113、aken up within the same building or within the same citySpace taken up for the first time in a new cityMoving from one building to another within a micro-market or a cityExiting from multiple buildings and taking up one space&increasing spaceMoving to another building and increasing space take-up31

114、CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentContactsResearchAbhinav JoshiHead of Research-India,Middle East&North Africaabhinav.joshicbre.co.inSachi GoelHead of South Operations,Indiasachi.goelcbre.co.inPradeep NairSenior General MKarthiga RavindranD

115、eputy General MMadhura Taskar MApoorva PARam ChandnaniManaging Director,Advisory and Transaction Services,Indiaram.chandnanicbre.co.inRajesh PrasadSenior Executive Director-Advisory&Transaction-Office Servicesrajesh.prasadcbre.co.inBusiness LineFollow UsResearchCBRE Research Copyright 2023.All right

116、s reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject to significant uncertainties and continge

117、ncies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,and actual market conditions in the future may cause CBREs c

118、urrent views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other c

119、ompanys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliate

120、s,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.CIN-U74140DL1999PTC100244Business Line ContactsAdvisory&Transactions Ram Chandnani Managing Director,Advisory&Transaction Services,India ram.chan

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