The domestic pharma market or the IPM has grown from $17 billion in FY17 to $21 billion in FY21.
In FY21, the growth in India’s pharma industry, when adjusted for COVID-19 drugs, slowed to around 1.3 percent, mainly due to a decline in acute therapies.
Now with mobility normalising, experts say that growth drivers are in place. Besides a recovery in acute therapies, an overall increase in usage of medicines due to better diagnostics as well as compliance, growth in tier II, tier III cities and in rural markets are expected to be key long-term growth drivers.
CNBC-TV18's Ekta Batra gets in conversation with Nikhil Chopra, CEO of JB Chemicals and Pharmaceuticals Ltd to understand more about the domestic pharma market and its growth prospects.
Watch the accompanying video for the full conversation