CRISIL analysis: Moderation in input prices to ease pressure on margins

Apart from creating a presence in generics, larger players are also developing specialty products, biosimilars, and complex generics, which will be key medium-term growth drivers for the industry

After growing by 10 per cent in 2022-23, the pharmaceutical sector is projected to grow by 7-9 per cent this financial year (2023-24) and 8-10 per cent in the next, led by sustained healthy growth in export demand, especially for formulations, and largely steady domestic demand.
 

The export market, which accounts for approximately 52 per cent of the industry, logged a healthy growth of about 11 per cent last financial year (in rupee terms). It is projected to grow by 9-11 per cent this financial year and 10-12 per cent in the next, likely led by new product launches, better