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Motilal Oswal Report
Indian pharma market was almost flat YoY in February 2022 versus up 13.9% YoY in January 2022. This was despite the low base of Feb-21, wherein the YoY growth stood at just 1.1%.
Derma/anti-infectives/vitamins-minerals-nutrients/gastro/anti-diabetic dragged IPM with YoY decline of 6.6% /3.9%/2.7%/1.4%/1.4% YoY, respectively.
Particularly, anti-virals/anti-fungals have led to the inferior performance in the anti-infective segment. Even cardiac therapy declined 8.8% YoY in Feb-22.
Interestingly, gastro-intestinal, nutritionals and derma segments were the strong contributors to offset the decline in IPM for Feb-22. The respiratory therapy continued to outperform the industry with 12.9% growth YoY.
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