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February 28, 2021

Sector Report: Pharmaceuticals

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Table of Contents

 

  • Summary
  • Long-term export potential
  • Scenario & medium term outlook
  • Key growth drivers
  • Market Size and Outlook
  • Key growth drivers
  • Scenario and Outlook
  • Profitability

 

Summary

 

Covid-19 vaccine sales to drive both domestic and exports market growth

 

CRISIL Research expects India's formulation exports to increase at 13-14% compound annual growth rate (CAGR) from fiscals 2020-25, compared with ~6-7% CAGR over the previous five years. The growth will be largely driven by vaccine sales. Although, currently the government is prioritising domestic inoculations, there is a likelihood that FY22 may see exports of Covid-19 vaccines. With this assumption, we believe that exports are likely to see a boost in FY22. Vaccine share in overallformulation exports is also likely to increase by over 4 times in next 4-5 years

 

For FY21, Indias exports remained resilient despite disruptions led by Covid-19. Formulation exports are likely to register a 13-14% on-year growth for the year.