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India pharmaceutical industry outlook: Strategic developments, initiatives and future prospects

Notwithstanding various disruptive occurrences, ICRA forecasts the domestic pharmaceutical business to increase by 6-8 percent in the upcoming fiscal year. This is because of structural causes such as an ageing population and an increase in lifestyle-related chronic illnesses, as well as WPI-linked price increases for NLEM goods, new product releases, and yearly price increases for non-NLEM items. Increased anti-infective sales, bolstered by price hikes to offset raw material cost inflation, aided overall IPM growth of 14.6% in FY2022. However, given the high starting point, volume dropped by 1.2% during the first nine months of FY2023. Businesses are introducing new items and reducing losses.

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According to Business Wire, global Healthcare Industry will be worth $12T by 2022. Healthcare is vast and highly fragmented with a mix of public and private players. It comprises patients and healthcare providers such as hospitals, pharmaceuticals, and related life sciences.

Digitisation and Post-Covid world are set to transform the healthcare industry in the coming decade. Our weekly business newsletter covers innovations and disruptions in the Healthcare industry with global coverage.

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