Pharmaceutical sales in the country are picking after a few months of degrowth, thanks to demand for drugs during the monsoon.
Drug sales witnessed a 13.2 per cent growth in July compared to the same month last year and rose to Rs 11,926 crore, according to data from drug sales tracking firm AIOCD-AWACS. While anti-infectives grew 16.1 per cent, demand for respiratory drugs increased by 17.9 per cent in July. Sales of drugs for diabetes, cardiac problems, central nervous system, skin diseases and gastro ailments also saw a double-digit growth during the month.
Since January, drug sales in the country were witnessing less than 10 per cent growth, mainly due to the increasing number of drugs coming under price control and inventory issues. Drug companies were trying to arrest the slide through aggressive marketing strategies and by focussing on key therapeutic areas. The country's pharmaceutical industry is expected to expand at a compounded annual growth rate (CAGR) of 22.4 per cent during 2015-20 to reach $55 billion. Currently, the domestic market is worth over $18 billion and is expected to grow in double digits in the coming years.