Notwithstanding various disruptive occurrences, ICRA forecasts the domestic pharmaceutical business to increase by 6-8 percent in the upcoming fiscal year. This is because of structural causes such as an ageing population and an increase in lifestyle-related chronic illnesses, as well as WPI-linked price increases for NLEM goods, new product releases, and yearly price increases for non-NLEM items. Increased anti-infective sales, bolstered by price hikes to offset raw material cost inflation, aided overall IPM growth of 14.6% in FY2022. However, given the high starting point, volume dropped by 1.2% during the first nine months of FY2023. Businesses are introducing new items and reducing losses.
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