Indian Pharma Market Reports Double-Digit Growth In February
India's pharmaceutical market bounced back to register its strongest-ever double-digit growth in fiscal 2023, after the January lows—albeit on a low base.
Industry sales rose 20.3% year-on-year in February against a 0.2% year-on-year decline in February 2022, and 2.3% growth in January this year, according to data from the All Indian Origin Chemists and Distributors.
“The Indian pharmaceuticals market delivered strong growth in February 2023, on account of lower base in February 2022 and robust double-digit growth in most top therapies. Overall, top 10 therapies contributed 86.5% of the pharma market revenue," said Krishnanath Munde, associate director at India Ratings.
"Volume has been the key growth driver of the overall market performance in February 2023," Munde said.
Key Highlights
Volume growth stood at 11.5% versus a 7.3% decline last year.
Prices increased by 6% year-on-year, as compared with 5.1% last year.
New product launches registered growth of 2.8%, compared to 2% in the previous year.
Munde highlighted that despite the Indian pharma market's higher growth of 14.9% in calendar year 2021, it grew just 8% last year.
India Ratings expect Indian pharma market growth for FY23 to be at 10%. "Post that, we expect a 10-11% year-on-year growth over the next couple of years," Munde said.
Therapy-Wise Growth
According to data from the AIOCD:
Sales of respiratory segment rose the most—54% over last February—followed by anti-infectives segment, which reported a jump of 35% year-on-year.
Pain segment reported a growth a 21%, while gastroenterology and dermatological segments grew around 16% year-on-year.
Vitamins, gynaecological products and cardiac therapy sales rose 15%, 14% and 13%, respectively.
Neurological/CNS segment grew around 11% year-on-year, while the anti-diabetic segment reported single-digit growth of 8%.
MAT Performance
According to the AIOCD, the moving annual total—or 12-month rolling sales—of overall pharma products rose 8.2% in February.
Company PerformanceÂ
The performance of some key listed pharmaceutical companies based on AIOCD data:
'Higher-Than-Market' Growth
FDC Ltd. reported the highest year-on-year growth of 36% in February, followed by Cipla Ltd. and Alembic Pharma Ltd. which grew 34%, and Indoco Remedies Ltd. which rose 33%, outperforming the market.
Alkem Laboratories Ltd. gained around 32% over the previous year.
Glenmark Pharmaceuticals Ltd. grew 27%, GSK Pharmaceuticals Ltd. rose 26%, Dr. Reddy's Laboratories Ltd. gained 24% and Abbott India Ltd. grew 23%.
'In-Line With Market' Growth
Eris Lifesciences Ltd. and Ipca Laboratories Ltd. reported growth of 21% and 20%, respectively, which is almost in-line with market performance.
'Lower-Than-Market' Growth
While JB Chemicals & Pharmaceuticals Ltd. and Torrent Pharmaceuticals Ltd. reported growth of 18% and 17%, respectively, Ajanta Pharma Ltd. and Lupin Ltd. grew at 16% and 14%, respectively.
Zydus Lifesciences Ltd. and Sun Pharmaceutical Industries Ltd. grew in the range of 11-12%.
Pfizer Ltd. reported single-digit growth of 5%, while Sanofi India Ltd. reported year-on-year fall in growth of around 4%.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
