Drug market forecast to grow by 15 per cent in 2021

The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years.

It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said.

Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and lockdowns and higher demand for them globally, causing drug prices to rise.

According to the Ministry of Health, domestic drug production grew at 13.8 per cent per year in 2015 - 19 backed by Government policies and construction of new plants./.