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Indian pharma market to witness healthy growth post Covid-19 pandemic: Experts
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A Raju, Hyderabad
December 18 , 2021
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The Indian pharmaceutical market is expected to witness a healthy growth post Covid-19 situation in the country, averred experts while expressing their opinion on the future of Indian pharma sector post Covid regime.
According to Isha Chaudhary, director of Crisil Research, compared to the other western countries, the Covid situation in India is far better. Though the local markets are a bit slowed down, its demand for Covid related medicines, compared to the trend of medical consumption in the western and other foreign countries, is rising.
Going by this, the Indian pharmaceutical exports are definitely going to take the growth path as always and with the domestic markets getting moderated; the overall growth of Indian pharmaceutical markets is expected to post a positive growth in the financial year 2022.
“Unlike in the year 2021, where there was huge demand for Covid related medicinal products, this trend is going to become normal not just in India but also across the globe. However Indian exports are definitely going to be on the positive growth path, as the demand for Covid related and other regular pharmaceutical and medicines is still very high. As India is a global leader in the manufacture of high quality low cost generic medicine, we are expecting a continuous positive growth even in the financial year 2022,” observed Uday Bhaskar, Director General of Pharmexcil.
Experts from Crisil too have expected the revenue growth of the pharmaceutical sector to moderate and may traverse a little lower than double digit at around 8-9 per cent as against the high growth rate which was witnessed in the financial year 2021.
As per the market analysis of Crisil, the major pharmaceutical products that drove the high growth during the pandemic period in the year 2021 have witnessed a marginal decline of 0.9 per cent in October. However, the sector will receive some support from Covid-19 vaccine opportunities and a pick up in the demand in the domestic formulations market here in India.
“With India witnessing low Covid cases and overall normalcy returning to healthcare delivery services, the domestic formulation revenue led by acute therapies is estimated to grow at 14-16 per cent this fiscal. Further with ramped up capacities and improving pace of vaccination there is a chance of domestic market to drive the growth ahead,” observed Chaudhary.
However, with rise in cost of raw materials and other input costs, experts opined that many pharma companies may witness a slight shrink in the operating g profitability. Overall the market growth of the pharma sector is expected in the range of 8-10 per cent in the year 2022.
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