The Indian pharmaceutical sector reported healthy growth in January on a low base and despite flat volume growth.
Industry sales were up 9.5% as against 2.3% over the same period last year, according to data from the All Indian Origin Chemists and Distributors Ltd.
"Volume growth remained flat, while overall growth was driven by price and new launches during the month," said Krishnanath Munde, associate director at India Ratings and Research Pvt.
India Ratings has further revised the sector's market growth estimates for FY24 downwards to 7% year-on-year.
Key Highlights
Volume was nil versus a 5.4% decline last year.
Price growth was at 5.2% YoY, as compared with a 5.9% rise last year.
New product launches registered a growth of 4.3%, as against a rise of 1.8% over the previous year.
Therapy-Wise Growth
According to data from the AIOCD:
Sales of the cardiac and anti-infective segments rose the most, at 11.7%.
This was followed by the neurological segment, which rose 11.6%.
Anti-diabetic, pain and gastroenterology rose 10.8%, 10.6% and 10.3% respectively.
Dermatological products and vitamins grew 7.6% and 6.7%, respectively.
Gynaecological products reported a growth of 5.3%, while the respiratory segment grew 4%.
MAT Performance
The moving annual total, or 12-month rolling sales of overall pharma products, rose 7.4% in January, according to the AIOCD. That compares with 6.8% in the year-ago period.
Company Performance
Higher-Than-Market Growth
Glenmark Pharmaceuticals Ltd. reported the highest growth in January at 20.2%, followed by FDC Ltd. which grew 19.5%.
Sun Pharmaceutical Industries Ltd. reported growth of 14.6%.
Alkem Laboratories Ltd., Ipca Laboratories Ltd., Torrent Pharmaceuticals Ltd., and Ajanta Pharma Ltd. reported growth of 14.6%, 14.1%, 14% and 13.7%, respectively.
Abbott India Ltd., Cipla Ltd., and Lupin Ltd. grew 11.3%, 11.1% and 11%, respectively.
In-Line With Market
Zydus Lifesciences Ltd. grew at 9.4%, almost in line with the market.
Mankind Pharma Ltd. and Eris Lifesciences Ltd. reported a growth of 9%.
Lower-Than-Market Growth
Alembic Pharma Ltd. reported a growth of 8.1%, followed by Indoco Remedies Ltd. which grew 7.1%.
JB Chemicals and Pharmaceuticals Ltd. reported a growth of 6.5%, while Dr Reddy's Laboratories Ltd. rose 6.3%, thereby underperforming the market.
GSK Pharmaceuticals Ltd. rose 2%, while Pfizer Ltd. reported a YoY decline of 3.2%.
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