Indian Pharma Market Grew 9.9% In November Driven By New Launches, Price Rise

The Indian pharmaceutical market delivered a growth of 9.9% year-on-year in November 2024, against average growth of 6.0% year-on-year in the July-October period (up 2.9% YoY in November 2023). Overall growth in the month was driven by growth in price and new launches.

Volumes grew 1.8% YoY in November 2024, against average negative growth of 1.1% YoY over the last 12 months. Year-to-date, the market reported growth at an average of 7.7% YoY, according to data from AIOCD-AWACS.

Except respiratory and gynaecology, all other top therapies delivered healthy growth, with derma seeing the most growth at 15.8%, followed by cardiac at 11.7% growth. Anti-infectives grew 8.4%, gastro saw 11.0% growth, vitamins was up 7.4%, anti-diabetic grew 10.1%, analgesic at 8.5%, and CNS at 8.7%.

Ind-Ra expects IPM growth to be at 8-9% YoY for fiscal 2025, against 6.5% year on year in fiscal 2024 and 9.9% year on year growth in fiscal 2023, said Krishnanath Munde, associate director at India Ratings and Research.

• Volume growth increased 1.8%. It saw degrowth of 4.5% in November 2023.

• Price growth of 5.4% in November this year, as compared to 4.6% over the same period last year.

• New launches increased 2.7%, as against 2.8% in November 2023.

The moving annual total—or the 12-month rolling sales of overall pharma products—increased 8% in November.

Leading the pack, Alkem Laboratories Ltd. achieved a growth rate of 15.9%, marking the highest in this group. Glenmark Pharmaceuticals Ltd. also demonstrated strong performance at 15%, followed closely by Dr. Reddy’s Laboratories Ltd. with 12.5% growth. Torrent Pharmaceuticals Ltd. and Ajanta Pharma Ltd. both achieved a growth rate of 12.5% and 12.7%, respectively.

Sun Pharmaceuticals Industries Ltd. at 14.9% and Abbott India at 11.4% also exceeded the industry average. Other notable outperformers include Eris Lifesciences Ltd. with 13.4%, Alembic Pharma at 10.9%, Mankind Pharma Ltd. at 10%, and GlaxoSmithKline Pharma at 14.7%

Companies like Ipca Labs and FDC showed growth of 9.6%, which was in line with the industry average.

Cipla Ltd. with 8.2%, Lupin Ltd. at 8.1%, and Zydus Lifesciences Ltd. at 5.9% all underperformed during the month. Emcure at 1.1%, Pfizer India at 5%, Sanofi India at 3.5%, JB Chemicals at 6.6%, and Indoco Remedies at 7% also had weaker growth compared to the average.