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Indian Pharma Market Grows By 8% In 2022 Despite Price Hike

the pharmaceutical market

Indian Pharma Market Grows By 8% In 2022 Despite Price Hike

What does it mean?
It means that despite an increase in prices, the pharmaceutical market in India has grown by 8% in 2022. This suggests that demand for pharmaceutical products in India remains strong, despite the price increases. It is possible that the growth in the market is due to a variety of factors, such as an increase in the number of people seeking medical treatment, an increase in the prevalence of certain diseases, or an increase in the availability of new and innovative drugs. Additionally, the growth of the pharmaceutical market in India could be influenced by a range of economic, social, and demographic factors, such as population growth, income levels, and healthcare infrastructure.

Key takeaways

  • As per AWACS, the Indian pharma sector had witnessed a rise of 8% despite the price hike in 2022.
  • Price growth is one of the major drivers of growth of the Indian Pharma sector
  • In the pharma sector, the new product launches showed a 2.2% growth, compared to 1.4% year-on-year.
  • While 2022 showed positive growth for the Indian pharma sector, 2023, is expected to be even more promising.
  • As per FICCI, the Indian Pharma market will reach a size of $130 billion by 2030.
  • 2023 is going to be all about research and innovation in the pharma sector, which is again going to boost its growth.
  • The growth rate of 8% is going to be maintained in 2023 as well.

The growth of the Indian pharma sector in 2023, as it depends on a variety of factors such as economic conditions, regulatory changes, and technological advancements. However, here are five potential factors that could contribute to the growth of the Indian pharma sector in the future:

Increasing demand for affordable healthcare: The Indian pharma sector is known for producing high-quality, affordable medications, which may drive growth as the demand for affordable healthcare increases.

Strong government support: The Indian government has been supportive of the pharma sector and has implemented various initiatives to boost its growth. This support is likely to continue in the future.

Growing exports: The Indian pharma sector has a strong export market, and this is likely to continue to drive growth in the future.

Advances in technology: Technological advancements, such as the use of data analytics and automation, could help improve efficiency and productivity in the sector, leading to growth.

Increasing investment: The Indian pharma sector is attracting increasing investment from both domestic and foreign investors, which could fuel growth in the future. 

2023 for the Indian pharma sector
The Indian pharmaceutical industry is one of the fastest-growing industries in the country and is expected to continue growing in the coming years. The industry is projected to reach $100 billion by 2025, driven by factors such as an increasing elderly population, rising rates of chronic diseases, and a growing middle class with increased access to healthcare.

One of the major trends in the Indian pharmaceutical industry in the coming years is likely to be the increasing focus on the production of high-value, specialty drugs, and biologics. India is already a major player in the global generics market, but there is increasing interest in developing the country’s capabilities in research and development of new drugs, particularly in areas such as biosimilars and cancer treatments.

Another trend that is likely to shape the Indian pharmaceutical industry in the coming years is the increasing focus on digitalization. Many companies are investing in digital technologies such as artificial intelligence and data analytics to improve their operations and gain a competitive edge.

The increasing focus on the Indian market is also likely to drive Indian pharma firms to enhance their production and manufacturing capabilities. The increase in production would help in the availability of essential medicines at affordable prices, which would improve the access to healthcare for all sections of society.

Finally, the Indian pharma sector has for a long been, facing the issue of Intellectual Property rights and enforcement. The situation might ease out, as the Indian Government is actively working to ensure fair competition and protection of Intellectual Property rights while still keeping the need of the public in mind. 

Is the future promising for the Indian pharma sector?
Looking at the present trend we can conclude that the growth of the Indian pharma sector is showing positive signs. With the focus on research and development and promoting the idea of Make in India, the pharma companies will get the right boost and will start focusing on improving their products to stand in competition on the global forum.

Overall, while there may be challenges and obstacles along the way, the Indian pharmaceutical industry is well-positioned for strong growth in the coming years, driven by a combination of factors such as demographic trends, technological advances, and government policies.

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