Indian Pharmaceuticals Market continued to report mid-single digit growth on year on year basis in October. IPM sales grew by 6.1% year on year during the month, against growth of 5.3% in September 2024 and 13.7% growth in October 2023.
Overall growth was driven by growth in price increase of 5.2% year on year and new launches which increased 2.7% year on year, while volume growth (negative 1.8% YoY) remained weak.
During January-October, IPM reported growth at an average of 7.5% year on year, where volume growth stood at average negative 1.0% year on year, according to AIOCD-AWACS data. Therapies such as cardiac, gastro, anti-diabetic, derma, and CNS have outperformed the IPM growth in October, while anti-infectives and respiratory delivered weak growth.
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"Ind-Ra expect IPM growth to be at 8-9% year-on-year for FY25, against 6.5% YoY. In FY24 and 9.9% YoY growth in FY23,” said Krishnanath Munde, associate director at India Ratings and Research.
Key Highlights
Volume growth declined 1.8%. It had increased 5% in October 2023.
Price growth of 5.2% in October this year, as compared to 5.3% over the same period last year.
New launches increased 2.7%, as against 3.4% in October 2023.
MAT Performance
The moving annual total—or the 12-month rolling sales of overall pharma products—increased 7.6% in October.
Outperformers
Leading the pack, Glenmark Pharmaceuticals Ltd. achieved a growth rate of 13.8%, marking the highest in this group. Sun Pharmaceuticals Industries Ltd. also demonstrated strong performance at 13.1%, followed closely by Torrent Pharmaceuticals Ltd. at 11.7% and Indoco Remedies at 11.2%.
Cipla Ltd. (10.6%) and Ajanta Pharma Ltd. (9.2%) also exceeded IPM growth, showcasing their competitive strength in the market. Other notable outperformers include FDC (9.5%), Eris Lifesciences Ltd. (8.6%), Alkem Laboratories Ltd. (7.2%), Abbott India Ltd. (7.3%), and GlaxoSmithKline Pharma (6.5%), each achieving growth above the IPM average
Underperformers
On the other hand, several companies underperformed relative to the IPM growth. Mankind Pharma Ltd. and Lupin Ltd. each posted 4.1% growth, trailing the market benchmark. Zydus Lifesciences Ltd. and Dr. Reddy's Laboratories Ltd. delivered modest growth at 5.2% and 5.9%, respectively.
Ipca Laboratories Ltd. came in at 5.1%, while JB Chemicals & Pharmaceuticals Ltd. achieved 4.4%. Emcure Pharmaceuticals Ltd. (2.9%), Alembic Pharmaceuticals Ltd. (2.2%), and Pfizer India (1.4%) also saw growth levels that lagged behind IPM. Notably, Sanofi India experienced a contraction, posting -2.1%, indicating challenges in maintaining market share.
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