Pharmaceutical market grew more than 18% this August

The pharmaceutical market of Venezuela grew by 18.85% last August compared to the same month in 2023, according to data provided this Sunday to EFE by the Chamber of the Pharmaceutical Industry (Cifar).

In August of this year, about 24.7 million medications were distributed in the pharmaceutical marketwhile in the same month of 2023 there were about 20.8 million, so the growth of this sector is maintained, which contracted 75% between 2014 and 2019, indicated the union.

On the other hand, the accumulated in the first eight months of 2024 reached 202.57 million medications, 42.17% more compared to the same period last year, when 142.48 million were distributed, Cifar noted.

The industrial chamber has highlighted the increase in availability of hormones, antiparasites, products for diabetes and the digestive system, cardiovascular diseases and the central nervous systemamong others.

To strengthen the sector, the organization has asked the authorities, among other actions, to promote the granting of credits, promote the creation of laws that protect the national industry, establish alliances and reduce taxes for the import of raw materials.

Venezuela experienced a seven-year economic crisis, which began to improve slightly since 2021, after years of widespread shortages that affected citizens’ access to medicines and medical supplies.

On September 23, the president of Venezuela, Nicolás Maduro, assured that the country’s pharmaceutical industry supplies 70% of the medicines in the national market, which is complemented – he stated – by an import of 30%.