Indian Pharma Market Posts Moderate Revenue Growth In September

The Indian pharmaceutical market witnessed moderate growth in September, with sales rising by 5.3% compared to the previous year. This growth was slightly lower than the 6.3% increase recorded in August but, higher than the 2.1% growth seen a year ago.

Overall, the growth in September was attributed to a 5.3% rise in prices and a 2.4% boost from new product launches. However, volume growth remained weak and witnessed a 2.4% drop.

In the period between January and September in 2024, the Indian pharmaceutical market grew by an average of 7.6%, but volume growth stayed negative at 0.9%.

Specific therapy areas like cardiac (9.5%), dermatology (9.7%), gastro (5.7%), and CNS (6.3%) outperformed the overall market growth in September.

Krishnanath Munde, associate director at India Ratings and Research told NDTV Profit, “Ind-Ra expect IPM growth to be at 8–9% YoY for FY25 against 6.5% YoY in FY24, and 9.9% YoY growth in FY23.”

• Volume growth declined 2.4%. It had declined 5.6% in September 2023.

• In September this year, prices rose 5.3% compared to a 4.8% rise over the same period last year.

• New launches increased 2.4%, as against 2.9% in Sept. 2023.

The moving annual total—or the 12-month rolling sales of overall pharma products—increased 8.5% in September.

Several pharmaceutical companies have outpaced the Indian pharmaceutical market, with impressive year-on-year growth.

Indoco Remedies Ltd. emerged as a standout with an 11.5% growth, followed by Cipla Ltd. that posted a strong 10.8%. Torrent Pharmaceuticals Ltd. witnessed a 9.7% increase, closely trailing Sun Pharmaceutical Industries Ltd. with an 8.6% growth.

Other companies that performed above industry standards include Alkem Laboratories Ltd. (8.1%), GlaxoSmithKline Pharmaceuticals Ltd. (8%), and Ajanta Pharma Ltd. (7.8%).

Notable mentions like Eris Lifesciences Ltd. (7.1%), Mankind Pharma Ltd. (6.9%), IPCA Laboratories Ltd. (6.9%), and Zydus Lifesciences Ltd. (6.3%) also saw robust gains, showcasing their ability to thrive in a competitive market. Even Emcure Pharmaceuticals Ltd. registered a solid 5.8%, highlighting the group’s success.

Some companies performed consistently with the overall market growth.

Glenmark Pharmaceuticals Ltd. achieved 5.2% YoY growth, while JB Chemicals & Pharmaceuticals Ltd. followed closely with a 5.4% increase. These companies managed to maintain a steady growth, keeping pace with the overall trends in the Indian pharmaceutical market.

Some companies underperformed compared to the market.

Dr Reddy’s Laboratories Ltd. reported a modest 3.4% growth, while Abbott India Ltd. and FDC Ltd. posted similar results with 3.3% and 3.2% YoY growth, respectively.

Lupin Ltd. lagged further behind at 2.7%, while Sanofi India Ltd. grew by 5%, just shy of outperforming.

Unfortunately, Pfizer Ltd. and Alembic Pharmaceuticals Ltd. witnessed declines in growth, reporting -5.7% and -6% respectively, marking a challenging year for these companies.