Cadila Healthcare Chairman Pankaj Patel while speaking at a conference, stated that the Indian pharmaceutical market can grow when there is overall growth, and the GDP grows, because most of the spending is still out of the pocket.
Meanwhile, Dilip Shanghvi, managing director of Sun Pharmaceuticals, stated that the industry growth will be a few percentage points more than the GDP growth.
Meanwhile, as the COVID-19 cases are receding, there is a dip in demand for the SARS-CoV-2 virus drugs, which contributed to almost 40 percent of the Indian pharmaceutical market during the pandemic period.
According to media reports, the serious demand for drugs in March 2021, when India was going through the devastating second wave of COVID-19 infections, had led to a high base effect for March 2022.