Indian Pharma Market Posts 6.3% Revenue Growth In August

The Indian pharmaceuticals market continued to report mid-single-digit growth in August, as sales grew 6.3% annually, according to research firm Awacs. The growth was 6.1% in July and 5.1% in August last year.

The overall growth in August was driven by a growth in price and new launches, while volume growth remained weak, according to the data that was released on Tuesday.

During January to August, the IPM reported an average growth of 7.9%, while volume declined 0.7%. Therapies like cardiac, anti-infectives, gastro, derma and anti-diabetic have outperformed the IPM growth in August.

India Ratings expects the IPM growth to be at 8–9% for the current financial year against 6.5% in the last fiscal and 9.9% in 2022–23, Associate Director Krishnanath Munde told NDTV Profit.

Key Highlights

• Volume growth declined 1.7%. It had declined 3.3% in August 2023.

• Price growth of 5.2% in August this year, as compared to 5.1% over the same period last year.

• New launches increased 2.7%, as against 3.3% in August 2023.

MAT Performance

The moving annual total—or the 12-month rolling sales of overall pharma products—increased 7.7% in August.

Faster Than Industry

• Torrent Pharma: Leading the pack with an impressive YoY growth of 12.7%, Torrent Pharma has significantly outperformed the IPM.

• Ajanta Pharma: Ajanta Pharma also showed strong performance, with a YoY growth of 9.9%.

• Abbott India: Abbott India followed closely with a 9.5% growth, outshining the market.

• Glenmark Pharmaceuticals: With a YoY growth of 9.4%, Glenmark Pharma has outperformed the IPM.

• Lupin: Lupin reported an 8.7% growth, surpassing the industry benchmark.

• Alkem Laboratories: Alkem Labs also performed well with an 8.6% growth rate.

• Pfizer India: Pfizer India showed solid 8.2% growth, outpacing the IPM.

• Sun Pharmaceutical Industries: Sun Pharma, a market leader, grew by 7.1%, exceeding the industry average.

• JB Chemicals & Pharmaceuticals: JB Chemicals delivered a YoY growth of 7.6%, outperforming the IPM.

• FDC: FDC achieved remarkable 15.6% growth, significantly outperforming the market.

• Natco Pharma: Natco Pharma recorded an exceptional 43.1% YoY growth, the highest among the listed companies, vastly outperforming the IPM.

In-line with IPM

• Mankind Pharma: Mankind Pharma's YoY growth of 6.5% is in line with the IPM.

• Cipla: Cipla, another major player, grew by 6.3%, aligning with the industry's average growth.

Underperformers

• Zydus Lifesciences: Zydus Lifesciences experienced modest growth at 1.9%, underperforming compared to the IPM.

• Dr. Reddy's Laboratories: Dr. Reddy's recorded a 4.2% growth, which is below the IPM average.

• GlaxoSmithKline Pharmaceuticals: With a mere 1.3% growth, GlaxoSmithKline Pharma underperformed relative to the IPM.

• IPCA Laboratories: IPCA Labs showed a 4.9% YoY growth, which is below the market benchmark.

• Eris Lifesciences: Eris Lifesciences grew by 4.2%, underperforming against the IPM.

• Alembic Pharmaceuticals: Alembic Pharma reported 3.2% growth, trailing behind the IPM.

• Indoco Remedies: Indoco Remedies faced a decline with a negative YoY growth of -3.7%.

• Sanofi India: Sanofi India also struggled, reporting -6.0% YoY growth, significantly underperforming the IPM.