Price push: Domestic pharma market grew by 6.8% in 2023, shows data

Cardiology, anti-infectives, and gastro-intestinal therapies were in the top three - growing 6.3 per cent, 8 per cent, and 5.2 per cent, respectively, in value term

The Indian pharmaceutical market (IPM) grew 6.8 per cent to touch a turnover of Rs 1.93 trillion in calendar year 2023, despite volumes going down marginally by 0.9 per cent.

This indicates the price increase has been the major growth driver.

Growth in the moving annual turnover (the previous 12 months’ turnover) in December was 5.1 per cent and that in new product introduction 2.6 per cent, while volumes dipped 0.9 per cent, leading to an overall growth rate of 6.8 per cent, according to the data from market research firm Pharmatrac.

Cardiology, anti-infectives, and gastro-intestinal therapies were in the top three —