Thursday, December 1, 2022

Venezuelan pharmaceutical market grows 14% until September, according to industry

The Venezuelan pharmaceutical market grew by 14% during the first nine months of 2022 compared to the same period last year, according to data provided this Sunday to EFE by the Chamber of the Pharmaceutical Industry (Cifar).

The industrial union pointed out that, from January to September, 131.06 million medicines were placed on the market, which is 16.47 million units more than in the same period of 2021, when 114.59 million medicines were distributed in pharmacies.

Half of the medicines distributed in the country are produced locally and the other half are imported, according to Cifar.

The pharmaceutical industry estimates that, this year, the market will grow by 19%, with a projected distribution of 190 million medicines, compared to 159 million in 2021.

The market fell 75% from 2014 to 2019, always according to Cifar.

According to the Confederation of Industrialists of Venezuela (Conindustria), the pharmaceutical sector operated at 34% of its installed capacity during the second quarter of this year, which represented a growth of five points compared to its operation a year ago, when it used 29% of its capacity.

The industry warns that there are factors that affect its activity, among them the still “low national demand”, the “excessive” fiscal or parafiscal taxes, the lack of financing, the “unfair” competition of imported products and the “precariousness” of the services.

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