Venezuelan pharmaceutical sector grew 40% during 2024 and projects greater expansion

Published at: 17/01/2025 06:32 PM

This Friday, January 17, the president of the Chamber of the Pharmaceutical Industry (CIFAR), Tito López, reported that this Venezuelan sector experienced a 40% recovery by the end of 2024.

In an interview with Unión Radio, he highlighted that despite the advances made by the Venezuelan pharmaceutical sector during the year that has just ended, there are challenges to overcome, especially with regard to the availability of certain medications.

López was optimistic about the future and assured that investments are being made to expand productive capacity and diversify the supply of medicines.

“Big name companies in the country are increasing their production capacity, those that have semisolids now have liquids, those that have liquids now have semisolids, and some of these namesake pharmaceutical companies are also importing drugs that are not produced in the country,” he said.

He also pointed out that this expansion translates into greater availability of medicines for the Venezuelan population and in the generation of new jobs.

In addition, the inauguration of new pharmaceutical plants in the country is expected to further consolidate the sector's recovery.

Another positive aspect highlighted by López is the increase in competition and promotions in the pharmaceutical market, which directly benefits consumers.

He also assured that companies in the sector have sufficient inventories of raw materials to ensure the continuous production of medicines.