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India is expected to witness a remarkable rise in healthcare infrastructure in upcoming years. There will there be a dramatic rise in the type and size of hospitals both Government operated and privately operated. As a result, Indian hospital pharmacy market is expected to witness healthy growth rates.
As per NAVADHI Market Research, the Indian hospital pharmacy industry will we worth USD 9.48 billion and will have a market share of 28.56% in India’s pharmaceuticals market by 2023. The growth in this market is predicted on the basis of various factors like market drivers, current and upcoming trends, current growth pattern, and market challenges.
This growth is fueled by the growing and ageing population in India. More than 6% of Indian population is above 65 years of age and this number is expected to rise by 2023. Apart from ageing and rising population the improvements in purchasing power and access to quality healthcare and pharmaceuticals to poor and middle-class families is also driving the growth of Indian pharma industry. Indian people spend 64.21% of their health expenditure from out-of-pocket of which pharmaceuticals spend accounts for 51.67%. Hospital pharmacy stores are located within hospitals which enables easy accessibility to patients as they supply time-sensitive medicines for critical care. Hospital pharmacies also allow hospitals to provide quality medicines to patient by purchasing directly from drug manufacturers thus avoiding the problem of counterfeit medicines.
On the other hand, Government operated Jan Aushadhi Kendra (pharmacy stores), brick and mortar pharma retail stores and online pharmacy stores are expected to give tough competition to hospital pharmacies which can affect their profit margins.
Also aggressive drug price control mechanism like Government mandated drug price controls using drug price control order (DPCO) which is an order issued by the Government of India under Section 3 of the Essential Commodities Act, 1955 empowering it to fix and regulate the prices of essential bulk drugs and their formulations have increased margin pressure for pharma retail companies in India.
Spanning over 48 pages and 23 exhibits, “Hospital Pharmacy Market in India 2023” report provides in-depth analysis for the Indian hospital pharmacy market for the year FY2018 to FY2023, including market structure, market trends, market constraints and industry drivers.
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