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The impact of Covid-19 on Indian Pharmaceuticals Market has been relatively limited in FY 2021 owing to inelastic demand for pharmaceutical products and resumption of imports of key input materials from China from March 2020 onwards.
However, some impact on volume growth was felt owing to lockdowns (lesser OPDs/elective surgeries)
Revenue growth for ICRA sample of 21 companies and IPM remained muted in FY 2021 at 5.8% and ~3%, respectively, though the same witnessed a growth on a year-on-year basis despite Covid-19 related disruptions.
Growth was supported by depreciation of the INR vis-à-vis USD/GBP/EUR.
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