The domestic pharmaceutical industry is expected to see another year of sustained growth amid various challenges, including maintaining quality standards, while moving from volume to value leadership. The industry, known for catering to global markets with affordable generic products, expects to further leverage collaborative efforts, invest in R&D and uphold quality standards to meet the evolving healthcare needs.
Although the competitive intensity amidst new players on the pricing front has reduced considerably, the tugs and pulls of wresting a larger share of volume remain high, with the highest competitive intensity seen in the west and north markets. On the realization front, several companies have taken selective price hikes in the current financial year, leading to a jump in revenues.
As the demand for high-quality pharmaceutical products continues to rise, homegrown pharma major Evoq Remedies has secured an export order worth Rs 136 crore from Marlexx Pharma, according to a stock exchange filing.
A smallcap pharma sector stock, Evoq shares made its debut on BSE SME in March 2022. It offers a wide range of pharmaceutical formulation products.
According to exchange information, the stock has given more than 24 per cent return in just one month.
The Indian diagnostic industry is estimated to be growing at 10 to 12 per cent as against pre-pandemic growth of 12 to 14 per cent. Attractive margins along with low entry barriers have resulted in the entry of new competition in an aggressive manner.
The pharma sector remains at the forefront of India's healthcare landscape. With the collective efforts of stakeholders and the government, the demand for quality products and services will steer the industry towards a paradigm shift from volume to value.
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