THE outlook on the Indian pharmaceutical industry remains favourable, ac- cording to a new report by ICRA & Moody. Domestic formulation market grew by 13-16% per annum in last five years and is valued at Rs. 58,300-crore. It is ranked third in terms of volume and tenth in terms of value, globally. The domestic growth was driven mainly by expansion in volumes and new introductions. Lifestyle-related disorders are driving growth at faster pace in chronic segments along with increasing healthcare spending, the report said.
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