The biggies of the pharma industry have claimed that the domestic branded generic medicine formulations market can grow at 10-12 percent annually for the next few years. Cadila Healthcare Chairman Pankaj Patel while speaking at a conference, stated that the Indian pharmaceutical market can grow when there is overall growth, and the GDP grows, because most of the spending is still out of the pocket. He claims that the market can clock 10-12 percent growth over the next few years.
Meanwhile, Dilip Shanghvi, managing director of Sun Pharmaceuticals, stated that the industry growth will be a few percentage points more than the GDP growth. According to Shanghvi, as human life expectancy increases, the sales of the pharma industry will also, as most of the chronic medication sales happen after people turn 40-45-year-old.
Meanwhile, as the COVID-19 cases are receding, there is a dip in demand for the SARS-CoV-2 virus drugs, which contributed to almost 40 percent of the Indian pharmaceutical market (IPM) during the pandemic period. Consequently, the dip has dragged down the overall growth of the domestic drug market in the month of March.
According to Awacs data, the IPM recorded a two percent decline in value growth and a 9.4 percent decline in sales volumes in March. The data revealed that the monthly sales in March were Rs 12,932 crore. According to media reports, the serious demand for drugs in March 2021, when India was going through the devastating second wave of COVID-19 infections, had led to a high base effect for March 2022.