The Venezuelan pharmaceutical market registered a 14.6 % growth in March, compared to the same month of 2024, the Chamber of the Pharmaceutical Industry (CIFFAR) informed EFE.
According to the data provided by the guild, during March 28.03 million medications were distributed in the country’s pharmacies, a figure greater than 24.53 million of the same period of the previous year.
In addition, the average price accumulated in 2025 remains at $ 4.38 per unit, which positions Venezuela with the lowest cost of the Latin American region, according to CIFFAR.
Challenges and proposals for the pharmaceutical sector
The president of CIFFAR, Tito López, said in March that, given the low banking financing, the guild raises the reactivation of fiscal credits, which would allow strengthening the industry and energizing the sector.
He also proposed that the declaration of the Value Added Tax (VAT) go from being biweekly to month, which would contribute to the extension of the tax base and allow informal merchants to access the formality.
On the other hand, Conindustria has indicated that, although the national production of medicines grew by 35.3 % in 2024, the sector faces obstacles such as excessive tax burden, the competition of imported products, lack of financing, among others.
Sustained growth in the first months of the year
Pharmaceutical market growth has remained constant since January. According to CIFFAR figures, the sector increased 5.6 % in the first month of the year, with the distribution of 25.29 million medications, of which 72 % are of national production, while 28 % come from import.
In February, growth was even greater, with an expansion of 17.11 %, reaching a distribution of 27.15 million drugs, with an average cost of $ 4.17 per unit.
With these figures, the Venezuelan pharmaceutical industry projects a 27.8 % growth by 2025.
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