According to Crisil, India's pharmaceutical industry is expected to experience a revenue growth of 7-9% in FY22-23.
The National Pharmaceutical Pricing Authority approved a 6–8% average price rise in March 2022, and this increase, together with the launch of new products, is what is driving the growth.
"The growth in US generics market will moderate given continued pricing pressure," said Crisil Research Director, Mr. Aniket Dani.
The projections are based on data from 184 drug manufacturers, generating 55% of the industry's annual revenue of Rs. 3.4 lakh crore (US$ 42.57 billion), according to Crisil
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.