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Domestic API firms revenue to see 7-8 percent rise by 2029: Icra
New Delhi: The revenue of domestic active pharmaceutical ingredient (API) manufacturing firms is projected to grow by 7-8 percent by 2029, according to rating agency Icra. The agency anticipates that the revenue of its sample set of companies will experience an expansion at a compound annual growth rate (CAGR) of 7-8% from 2023 to 2029, from an estimated USD 13-14 billion in 2023.
"This will be driven by a steady ramp-up in the pharmaceutical formulations industry, which in turn, will be aided by an increasing geriatric population, higher prevalence of chronic diseases, and rising demand for contract manufacturing with global customers looking to diversify their supply chain along with greater focus on domestic sourcing," Icra said in a statement.
Read also: Revenue of 25 leading domestic pharma cos expected to grow 9-11 percent in current fiscal year: ICRA
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751