The Venezuelan Pharmaceutical Market Grew by 7.6% in 11 Months of 2023, According to the Industry

Venezuela’s pharmaceutical market registered a growth of 7.6% from January to November of last year compared to the same period in 2022, according to figures provided this Monday to EFE by the Chamber of the Pharmaceutical Industry (Cifar).

Sustained Increase in Medicine Sales

According to the sector, some 196.53 million medications were placed on the market until the penultimate month of last year, while during the same period in 2022, some 182.57 million were distributed in the country’s pharmacies.

Pharmaceutical industry figures indicate that the market grew by 13.9% in November compared to the same month in 2022, going from 19.86 million medications to around 22.63 million.

According to Cifar, the “low” purchasing power in the country represents a problem for the industry, where the minimum wage and pension – which have remained at 130 bolivars since March 2022, despite pressure from workers and pensioners – are equivalent to 3 .6 dollars a month, at the official exchange rate.

Call to Action: Necessary Measures

The pharmaceutical chamber asks the authorities for access to bank financing, the creation of laws that protect the industry and tariff reduction for the import of raw materials, among other measures.

The pharmaceutical sector operated at 38.4% of its installed capacity during the third quarter of 2023, a drop of 2.6 points compared to 41% of operation in the same period in 2022, according to the Confederation of Industrialists of Venezuela (Conindustria).

This union recently pointed out that the factors that affect industrial activity are low demand, competition from imported products, lack of financing, “excessive” taxes, the “macroeconomic environment (inflation and devaluation)” and illicit trade, mainly of products that fail to comply with “tax regulations” and smuggling, as well as counterfeits.