According to an estimation by Ratings agency ICRA, thanks to emerging markets, India’s pharmaceutical sector will develop by 9%-11% in this fiscal year.
Surveying a sample set of 21 pharmaceutical firms, ICRA stated that increase in revenue was 6.4% in the second quarter of this fiscal year, compared to 16% in the first quarter.
The low growth in the second quarter of the present fiscal year, despite a stable increase in national and emerging markets, was brought about by normalization of the US market base and price suppression, as declared by the agency.
Mythri Macherla, Assistant Vice President and Sector Head at ICRA said that in the fiscal years of 2021-22 and in 2022-23, growth in revenue for ICRA sample set is evaluated at a rate of 9% to 11%.
This happens as a result of a slow recovery after the pandemic. She declared that based on the estimation, the sample set has seen a boost, 14-16% in the emerging markets, 13-15% in the national market, and 9-11% in the European markets. According to her, field force activities, normalization in foot traffic of hospitals, growth in emergent therapies as well as good pricing system caused a boost in revenues in companies.
Considering the news on the Omicron variant, the maintenance of trends in doctors’ visits along with elective surgeries as well as new launches functioning and revenue increase rate in critical segment will chiefly be monitored.
ICRA also said that rising markets were great performers with a sturdy year-over-year boost within the second quarter of the present fiscal year.