One year later, pharma industry bounces back to double-digit growth in May

In May, price growth for drugs was in negative territory at (-)1 per cent

The pharmaceutical industry, after 12 months, bounced back to double-digit growth in May, clocking a 10.8 per cent year-on-year revenue growth, riding on a nine per cent volume growth. 

The sector's relatively low growth in a year has been thanks to the transition to the goods and services tax (GST) regime. 

The regime had tapered growth to single digits. In May last year, the industry had cut down its inventory days from a normal of 30-45 days to 15-20 days, owing to the shift to the GST regime. 

Deepnath Roy Chowdhury, president of the Indian Drug Manufacturers' Association (IDMA), said