Pharmaceutical industry reports 9.8% growth in the sector in 2023

The Venezuelan Chamber of the Pharmaceutical Industry (CIFAR) stated that the sector registered growth of 9.05% in 2023, compared to 2022.

“Around 217.39 million drugs were marketed in 2023. A significant increase compared to the 199.35 million drugs that came to the Venezuelan market the previous year,” said CIFAR in a statement.

The pharmaceutical sector in December 2023 grew by 19.46% of the market compared to the same month in 2022.

The comparison of both periods showed an increase from 16.69 million drugs to about 19.95 million.

In addition, he adds that the drug market in Venezuela accounted for close to 53 percent of domestic production, compared to 47 percent of imported drugs.