Indian pharma market back to pre-Covid level in FY23

The Indian Pharma Market (IPM) growth has normalised to 9.3 per cent in FY23, bringing it at par to the pre-pandemic years of FY19 and FY20 according to a report

10 Apr 2023 | By Aditya Ghosalkar

IPM growth rate proportionate to normal after a spike on Covid-hit base

After a Covid-hit FY21 (when the IPM grew by only 2.2%), the market recorded a growth of 14.7% in FY22, on a low base. Data from Pharmarack AWACS shows the growth in FY23 is driven by price growth.

Companies including Abbott, Cipla, Mankind are in the top ranks contributing to the growth of the pharma market in FY23. The latter accounts for 16.6%, followed by the former with 11.8%. The others in the top-five list include Sun Pharma, and Zydus.

Ophthalmology, urinology, dermatology, and respiratory therapies have caused the drive in IPM. These constitute around 30% of the market according to a statement from Sheetal Sapale, vice-president of Commercial Pharmarack AWACS.

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