Venezuela’s pharmaceutical market fell 10.2% last July compared to the same period in 2022, according to data from the Chamber of the Pharmaceutical Industry (Cifar).
“Some 16.69 million medicines were placed on the market last month, while in July 2022, some 18.59 million medicines were distributed in the country’s pharmacies,” according to the data.
Despite this fall, the market grew 5.2% in the first seven months of 2023 compared to the same period last year, going from 108.12 million medicines to 113.82 million, according to data.
The Venezuelan pharmaceutical market closed last year with a growth of 21.9% compared to 2021, increasing from 159.28 million to 193.77 million in the number of medicines distributed.
The chamber forecasts a growth rate of 8.3% for 2023, when it expects that 210 million units will be distributed.
The pharmaceutical sector operated at 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 34% of its capacity, according to the Confederation of Industrialists of Venezuela (Conindustria).
