Domestic pharmaceutical sales growth at eight year low, slips to 5.5%

GST, price caps impact sales but drug makers optimistic of growth revival in 2018

Domestic pharmaceutical sales growth slipped to 5.5 per cent in 2017, the lowest in eight years as business was impacted by the GST (goods and services tax) roll-out, delayed product approvals and inclusion of more products under price caps.

On an industry-wide basis, pharmaceutical companies recorded sales of Rs 1.16 trillion in 2017 which was 5.5 per cent higher than the previous year. In 2016, industry-wide sales grew 10.7 per cent to Rs 1.10 trillion, according to AIOCD-AWACS, the market research wing of All India Organisation of Chemists and Druggists (AIOCD).

Drug makers, however, are confident of revival in 2018 with the