Indian pharma industry records 9.4% growth in 2018, dispels GST gloom

The industry performed better in 2018, in comparison, on a GST-impacted low base

The domestic pharmaceutical industry bounced back to a nearly double-digit year-on-year growth in 2018 (9.4 per cent), after falling to an eight-year low (5.5 per cent) in the previous year. The industry’s size was Rs 1.29 trillion last year. 

In 2017, growth of the industry was hampered primarily by the transition to the goods and services tax (GST), rolled out on July 1 of that year. Delayed product approvals and inclusion of more products under price caps were other reasons. 

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