Indian pharma market back to pre-Covid level in FY23, says report

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.

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

“In March, the IPM has shown a strong growth of 13 per cent and a unit (volume) growth of 9.5 per cent. The anti-infective therapy (32.4 per cent), respiratory (49.7 per cent) and pain and analgesics (17.9 per cent) have shown strong growth in March, and have emerged as the growth drivers. Together, these therapies constitute about 30 per cent of IPM,” said Sheetal Sapale, vice-president, Commercial Pharmarack AWACS.