India's pharmaceutical sales rose in double-digits for the third straight month, led by growth across therapies.
Industry revenue rose 12.1% over a year earlier in August, India Ratings and Research Pvt. said, citing data released by All Indian Origin Chemists and Distributors. That compares with a 17.7% year-on-year increase in August 2021 and 14.1% growth in July 2022.
The Indian pharma market, despite a higher base in August 2021, continued to deliver a healthy performance on account of double-digit growth across all therapies, except anti-infectives, Krishnanath Munde, associate director at India Ratings, told BQ Prime. “Most of the therapies are showing normal seasonal trends.”
Key August 2022 Highlights
Volumes expanded 4% year-on-year
New product launches registered 1.5% growth
Prices increased by 6.6%
Price-led growth was higher than volume growth, Munde said, while new launch growth was due to anti-diabetes therapy—sitagliptin generics.
“India Ratings maintains its mid-to-high single digit Indian pharma market growth estimate for FY23,” said Munde.
Therapy-Wise Growth
India Ratings, citing AIOCD data, said:
Within the chronic segment, anti-neoplastics reported the strongest growth of 23.1% year-on-year, followed by neurological and cardiac or CNS therapies by 15.1% and 14.7%, respectively. The rise in anti-diabetic therapy was 10.5%.
Within the acute segment, except for anti-infectives that saw the least growth at 1.9%, sales of respiratory products rose the most by 18.7%, followed by 18.6% growth in gynecological. Gastro and dermatological segments rose by around 13%, while pain therapy grew 10.4%.
Vitamins, the sales of which had surged during Covid-19, reported 11.1% growth.
MAT Performance
The moving annual total—or 12-month rolling sales—of overall pharma products rose 6.3% in August, according to India Ratings.
Company Performance
India Ratings, citing AIOCD data, said among the listed pharmaceutical companies:
Glenmark Pharmaceuticals Ltd. saw its sales rise for the third straight month, reporting the highest year-on-year growth of 22.5% in August.
This was followed by Torrent Pharmaceuticals Ltd., which grew 19.2%, while Eris Lifesciences Ltd., Sun Pharmaceutical Industries Ltd., and FDC Ltd. reported growth in the 17% to 18% range, year-on-year.
Abbott India Ltd. grew at 15.7%, JB Chemicals & Pharmaceuticals Ltd., Cipla Ltd., GSK Pharmaceuticals Ltd. and Zydus Lifesciences Ltd. reported a ‘higher-than-market' growth in 13% to 14% range.
Similarly, Alembic Pharmaceuticals Ltd., Alkem Laboratories Ltd., and Indoco Remedies Ltd. reported double-digit growth but was lower than the industry average.
Lupin Ltd., Dr. Reddy's Laboratories Ltd., and Ajanta Pharma Ltd. registered single-digit revenue growth of 7-8%.
Sanofi India Ltd. reported lower single-digit growth and Novartis India Ltd., Ipca Laboratories Ltd. and Pfizer Ltd. saw a decline year-on-year in August.
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