Venezuela’s pharmaceutical market grew 4.5% until September, according to the industry

He pharmaceutical market of Venezuela registered a growth of 4.5% from January to September of this year compared to the same period in 2022, according to figures offered this Sunday to EFE by the Chamber of the Pharmaceutical Industry (Cifar).

According to the sector, some 151.33 million medicines were placed on the market in the first nine months of 2023, while during the same period last year some 144.74 million medicines were distributed in the country’s pharmacies.

Pharmaceutical industry figures indicate that the market grew by 8.4% in September compared to the same month last year, going from 15.96 million medications to about 17.30 million.

The president of Cifar, Tito López, recently told EFE that the “low” purchasing power in the country, where the minimum wage and pension – which have remained at 130 bolivars since March 2022, despite pressure from workers and pensioners – are equivalent to US$ 3.69 per month, at the official exchange rate.

Cifar projects a growth of 6.2% for 2023, when it is expected that a total of 210 million units will be distributed, compared to 197.73 million medications last year.

The pharmaceutical sector operated at a 63.8% of its installed capacity during the second quarter of this year, which represented an increase of 29.8 points compared to its operation in the same period of 2022, when it used the 3. 4% of its capacity, according to the Confederation of Industrialists of Venezuela (Conindustria).