Indian pharma firms sales to rise after resilience in FY21: Fitch Ratings
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Mumbai: Indian pharmaceutical companies' sales will grow robustly in the financial year ending March 2022 (FY22) as sales normalise in categories affected by the pandemic in previous year, Fitch Ratings has said.
Most pharma companies reported resilient operating performance in FY21, benefitting from gradual stabilisation after 1Q FY21, geographical diversification and sales of pandemic-related drugs.
Fitch expects sales of drugs used to treat acute medical conditions and elective procedures to continue to recover in FY22. Sales in these categories fell in FY21 as travel restrictions reduced doctor visits and hospitals prioritised Covid-19 treatment over elective procedures.
Sales of some of these products are still 10 per cent below pre-pandemic levels although they started to recover with the easing of curbs.
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