Rating agency Icra has said that India’s pharmaceutical industry would grow by 11-13 percent in the current fiscal.

“The growth trajectory for the Indian pharmaceutical industry is likely to remain at 11-13 percent in FY2020, on the back of healthy demand from the domestic market, given increasing spend on healthcare along with improving access,” a statement from Icra was quoted as saying by PTI.

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This along with moderation in pricing pressure for US market, new launches and market share gains for existing products and consolidation benefits will drive growth in FY2020, it added.

“The growth would however be constrained by regulatory interventions such as price controls, compulsory genericisation, and United States Food and Drug Administration (USFDA) oversight for manufacturing deficiencies,” the release said.

According to an Icra report covering a sample of 21 firms in the industry, the growth during FY2019 stood at around 12 percent.

Icra Corporate Ratings Vice President & Co-Head Gaurav Jain said: “The growth in FY2020 is expected to be supported by 4.2 percent WPI linked price hike for National List of Essential Medicines (NLEM) portfolio”.

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